Bruntwood lines up £120m loan

PROPERTY group Bruntwood has agreed a £120m, 10-year loan with Legal & General Investment Management.

It allows the Manchester-based company, which has a number of assets in Yorkshire, to cut the cost of some of its debt by refinancing part of the £440m of Commercial Mortgage Backed Securities (CMBS) which were initially arranged through RBS in 2007.

The latest facility, at 65% loan-to-value, is at a fixed rate of 4.64% - 0.5% cheaper than the CMBS deal.

It is secured against seven Bruntwood buildings includi... For the full story register now for free or login below...