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.

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.

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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.