Capital and Counties secures new debt facility
London property specialist, Capital and Counties Properties (Capco), said it had agreed a five year 70 million pound credit line with banks BNP Paribas and HSBC.
London property specialist, Capital and Counties Properties (Capco), said it had agreed a five year 70 million pound credit line with banks BNP Paribas and HSBC.
The company said the deal was its first revolving credit facility and gave it a more flexible financing structure.
The money will be secured against some of its 830,000sq feet of assets in Covent Garden, which are mainly focused on retail and dining.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It comes on top of the £300 million refinancing package Capco agreed with its banks last year.
Finance Director, Soumen Das, said the new facility highlighted Capco's access to debt finance and the attractiveness of its Covent Garden estate.
"The maturity profile of the group's debt has now been significantly extended, and the revolving and undrawn facilities will allow Capco to manage its liquidity more efficiently," he said.
The company has grand plans for development in West London.
Its assets include the Earls Court exhibition centres where Capco has submitted outline planning applications for the redevelopment of a 77 acre site.
Recently its 7.5 acre Seagrave Road site, where it plans to create 808 new homes and a new garden square, was granted planning consent by the London Borough of Hammersmith & Fulham.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
'We face a £6m inheritance tax bill under Reeves's changes – it's sheer terror'
Thousands of families fear they’ll have no option but to look at selling their firms in a fire sale to pay inheritance tax bills, due to Rachel Reeves’s changes to business property relief
-
Millions of over 50s fear pension investment risk – how should you position your portfolio?
To de-risk or not to de-risk, that is the question. Act too late and you could face irreversible losses. Move too early and miss out on significant gains that could transform your retirement.