UK: Hospitality real estate group PPHE has secured a £95.8 million refinancing facility with Aareal Financial institution for the Park Plaza London Riverbank.
The refinancing extends an present facility – which PPHE signed with Aareal in 2016 – from its authentic maturity date of June 2026 to June 2030.
Underneath the brand new phrases, the refinancing will “proceed to draw an all-in fastened rate of interest of three.248 per cent till the unique maturity date of June 2026. Following this, 85 per cent of the mortgage will bear a completely fastened rate of interest of 5.72 per cent till maturity, with a aggressive floating rate of interest making use of to the rest of the mortgage.
“This compares with an all-in fastened rate of interest of three.248 per cent that utilized beneath the phrases of the prevailing facility.”
PPHE added that, beneath the brand new phrases, the mortgage will “not be topic to amortisation which is anticipated to partially offset the influence of the elevated curiosity on money move”.
Daniel Kos, chief monetary officer of PPHE, mentioned: “This prolonged facility continues our sturdy relationship with long-standing lender, Aareal Financial institution AG. The group’s high-quality and secure asset base in key city-centre areas, reminiscent of Park Plaza Riverbank in London, allow us to safe long run financing on enticing charges.”
Highlights:
- PPHE Resort Group has secured a £95.8 million refinancing take care of Aareal Financial institution for Park Plaza London Riverbank.
- The settlement extends the mortgage maturity from June 2026 to June 2030, changing the prevailing 2016 facility.
- Till June 2026, the mortgage retains its 3.248 per cent all-in fastened rate of interest; afterwards, 85 per cent of the mortgage converts to a 5.72 per cent fastened fee, with the rest on a floating fee.
- The refinanced mortgage is not topic to amortisation, serving to cushion the influence of upper curiosity prices on money move.
