Santander provides £55m financing to London & Stamford

Santander Corporate Banking has provided refinancing of £55.3 mln (EUR 63.4 mln) to London & Stamford Property for its City office building at One Fleet Place, London EC4.

London & Stamford acquired One Fleet Place in January 2009 utilising, in part, its £150 mln revolving credit facility with the Bank of Scotland.

In a statement, London & Stamford said it was taking the opportunity to secure new, cost effective debt funding in the market whilst it remains available. The company added that this allowed it to preserve and in this case increase the undrawn balance of its Bank of Scotland facility, which is then available for future utilisation alongside its undrawn equity for further asset acquisitions.

Raymond Mould, non-executive chairman of London & Stamford Property, said: 'Together with the success of our recent £226 mln placing and open offer, these demonstrate the high level of confidence of the financial community for London & Stamford's business and our ability to create value for our shareholders through the acquisition of high quality assets on attractive terms.'

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