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Great Portland Obtains 150 Million-Pound Revolving Credit

Great Portland Estates Plc, a property developer focused on London’s West End district, signed a 150 million-pound ($239 million) revolving credit.

The five-year facility replaces an existing 50 million-pound credit due to mature in July and pays interest of 175 basis points more than the London interbank offered rate, according to a statement from the London-based company.

Great Portland has an existing 350 million-pound revolving credit that matures in November 2015 as well as undrawn committed facilities and cash of more than 200 million pounds, according to the statement.

Great Portland invests in and develops freehold and leasehold properties in central London and owns more than 1.8 billion pounds of real estate, according the company’s website.

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