London & Associated Properties PLC announced that it has refinanced an industrial and retail property portfolio with a new five-year £13.6 million senior loan facility with QIB (UK) PLC. This new facility replaces a 25-year £10.0 million Aviva debenture at 8.109% that expired in August 2022 and a £3.5 million Metro Bank term loan at LIBOR plus 295 basis points that was due to expire in 2028. This will generate an initial net operating cashflow improvement of £0.2 million per annum.

As part of this refinance circa £5.6 million of cash being held as security following the recent sale of properties will be released back to LAP and reinvested into new property as opportunities arise.