A developer of office space in London is due to complete its £200 million debt refinancing effort.
Workspace Group PLC provides offices, studio and light industrial space to small businesses.According to the Financial Times the firm has a £199 million debt facility with GE that should be refinanced in August. It is also in talks with other lenders to secure a £200-million-worth five year facility.
Chief executive Harry Platt said: “Our business is London’s small businesses. We’ve got entrepreneurs who are going to be starting up again in this climate, and there is certainly some recovery under way. Now we are sorting out the business from a year ago, it will be about where we can look outside our portfolio”.
Company pre-tax profits are up to £26 million this year in stark comparison to the £360 million loss in 2009.
Net asset value per share is also up by 1.5p from December last year.