Capital Shopping Centres' £525m refinancing of Lakeside Shopping Centre, Thurrock
(Thomson Reuters ONE) - 22 January 2010Capital Shopping Centres' £525m refinancing of Lakeside Shopping Centre,ThurrockA consortium of 7 banks has advanced a new 7 year, £525m loan facility torefinance the Lakeside Shopping Centre, Thurrock. Lakeside is owned and managedby Capital Shopping Centres, the leading UK prime regional shopping centreowner, manager and developer owned by Liberty International PLC. Opened in1990, Lakeside is one of the UK's leading regional shopping centres providing1.43m sq. ft. of retail floorspace.The proceeds of the loan are being used together with the group's cash resourcesto redeem in full the current total outstanding loans of £545.8m secured onLakeside otherwise repayable in July 2011, including the redemption at par ofthe £445.8m of associated CMBS notes.The existing loan has a current funding cost of about 5.5%. The hedgingarrangements of the new loan require progressively greater levels of interestrate protection over time. Based on the current yield curve, Capital ShoppingCentres should see some interest savings during the initial years of the newloan.The funding was arranged by WestImmo and Eurohypo and the lenders are DekaBank,Eurohypo, Helaba, Lloyds, Pfandbriefbank, Santander and WestImmo. Eurohypo isfacility agent and WestImmo was documentation agent.The borrower was advised by Linklaters LLP and the lenders by Allen & Overy.Liberty International's Finance Director, Ian Durant, commented "LibertyInternational is pleased to have agreed a significant long term bank financingand this speaks well of the quality of Lakeside and the strong support that thegroup enjoys from its banking relationships. This 7 year loan substantiallyimproves the group's overall debt maturity profile and refinances one of thegroup's largest debt maturities, leaving 2015 as the next significant date forrepayment of CMBS related debt."Enquiries:Liberty International PLC Ian Durant Finance Director +44 (0)20 7960 1210 Kate Bowyer Investor Relations +44 (0)20 7960 1250Public relations: UK: Michael Sandler, Hudson Sandler +44 (0)20 7796 4133 SA: Nicholas Williams, College Hill Associates +27 (0)11 447 3030This announcement includes statements that are forward-looking in nature.Forward-looking statements involve known and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievements ofLiberty International PLC to be materially different from any future results,performance or achievements expressed or implied by such forward-lookingstatements. Any information contained in this announcement on the price at whichshares or other securities in Liberty International PLC have been bought or soldin the past, or on the yield on such shares or other securities, should not berelied upon as a guide to future performance.+------------------------------------------------------------------------------+|NOTE FOR EDITORS: BACKGROUND ON LIBERTY INTERNATIONAL || || ||LIBERTY INTERNATIONAL PLC is one of the UK's largest listed property companies||and a constituent of the FTSE-100 Index of the UK's leading listed companies. || Liberty International converted into a UK Real Estate Investment Trust (REIT)||on 1 January 2007. || ||Liberty International owns 100 per cent of Capital Shopping Centres ("CSC"), ||the premier UK regional shopping centre business, and of Capital & Counties, a||retail and commercial property investment and development company. || ||At 30 June 2009, Liberty International owned £6.1 billion of properties of ||which UK regional shopping centres comprised 73 per cent and retail property ||in aggregate 86 per cent. Adjusted, diluted shareholders' funds amounted to ||£2.6 billion. || ||CAPITAL SHOPPING CENTRES has interests in 14 UK regional shopping centres ||amounting to some 13 million sq.ft. in aggregate including 9 of the UK's top ||30 regional shopping centres with a market value of £4.4 billion at 30 June ||2009. CSC's largest centres are Lakeside, Thurrock; MetroCentre, Gateshead; || Braehead, Glasgow; The Harlequin, Watford; and Arndale, Manchester. CSC has||a 50 per cent share in the extension of St David's, Cardiff, which opened in ||October 2009. || ||LAKESIDE, THURROCK, which opened in 1990, was one of the first out-of-town ||regional shopping centres in the south of England and, together with the ||adjoining retail parks, is at the centre of Europe's largest aggregation of ||retail floor space. Lakeside is located on the eastern perimeter of London's ||M25 orbital motorway and offers approximately 1.4 million sq. ft. of retail ||and leisure space. It has a catchment area of over 11 million people within ||70 minutes' drive time. Lakeside is one of the country's top shopping centre ||destinations, with over 250 shops, including four large anchor stores, a ||nine-screen multiplex cinema, a range of restaurants and caf?and parking ||space for 13,000 cars. || |+------------------------------------------------------------------------------+[HUG#1376087]
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Datum: 22.01.2010 - 07:42 Uhr
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