UK investor Capital & Counties Properties (Capco) was granted a new £300 mln (EUR 350 mln) debt facility to refinance its 2013 Covent Garden loan. The refinancing includes £60 mln of debt capital for acquisitions and is led by BNP Paribas and HSBC Bank along with a further consortium of lenders.

The new facility was 'comfortably' oversubscribed, and the consortium of lenders includes Bayern LB, Lloyds Banking Group, pbb Deutsche Pfandbriefbank and Santander. The facility extends the maturity on £300 mln of the group's debt to October 2016, with a further two-year extension available. Some £150 mln has already been drawn.

The financial terms include a loan-to-value covenant of 70% and interest cover ratio of 130%. The cost of debt on the new facilities will be circa 4% on the drawn amount.

Capco currently has over 830,000 sq ft (77,000 m2) of retail, leisure, residential and office holdings in Covent Garden.