Heathrow Big Box realigns debt

Heathrow Big Box, the 50:50 joint venture between Brixton plc and the Prudential Assurance Company Limited, has arranged a £90m credit facility with Westdeutsche ImmobilienBank. This facility together with £31 million of new loans to HBB from the joint venture partners has been used to repay the £121m loan facility with The Royal Bank of Scotland which expired on 20 July 2009.

The facility with WestImmo is for a term of three years from 20 July 2009 with an option to extend for a further two years. The deal has been structured so as to enable WestImmo to syndicate some of its participation.

Mike Andrews, Director of Big Box GP Limited, commented: We are delighted to have completed the new facility with WestImmo which provides HBB with the financial platform to continue its activities.

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