Kuits advises property company on £100m refinance

21st February 2019, 11:23 am

Manchester commercial law firm Kuits has advised Circle Property PLC on a £100 million bank refinancing.

Circle, a specialist regional UK office investment, development and management company, has completed an agreement with RBS and HSBC for a £100 million new financing facility.

The new facility replaces a £55 million facility with RBS and comprises a senior revolving facility agreement for £60 million, with an “accordion facility” potentially extending the facility by a further £40 million.

A comprehensive advisory service was provided to Circle on the agreement, led by commercial property and banking partner Chris Hardy.

Hardy said: “We were pleased to advise Circle Property on this important refinance for the business, which will allow them to continue their expansion strategy and add to their portfolio.”

John Arnold, CEO of Circle Property Plc, said: “We believe there will be some attractive buying opportunities emerging as we progress into 2019. Where vendors are seeking a rapid sale to a reliable purchaser, this new enlarged facility will put us in a strong position to compete effectively in the regional markets in which we specialise.”

Kathryn Walters at Eversheds Sutherland acted for the lenders.

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