Helical Bar has secured a new £100 mln (€120 mln) five-year debt facility with pbb Deutsche Pfandbriefbank, refinancing £46 mln of existing debt and boosting cash reserves by £29 mln.

Helical Bar has secured a new £100 mln (€120 mln) five-year debt facility with pbb Deutsche Pfandbriefbank, refinancing £46 mln of existing debt and boosting cash reserves by £29 mln.

The facility is repayable in February 2019 and allows drawdowns of up to 65% of the value of the properties being refinanced. The loan has an effective interest rate, including margin, of around 4.5%.

The new facility has refinanced Helical’s recent cash purchases of three London office buildings (Maple House, London EC1; Artillery Lane and New Loom House, both in London E1) together with its shopping centre and retail park in Corby Town Centre, originally acquired in 2011.

The facility will also be used for working capital purposes to fund refurbishment works at Maple House and an extension to the shopping centre in Corby which will provide a new cinema, restaurants, a gym and a new car park, subject to planning.