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Palace Capital secures £40M bank facility

Property investment company Palace Capital Plc secured a new £40 million facility with Barclays Bank.

The five-year facility carries a margin of 1.95% over the London Interbank Offered Rate.

Palace Capital, which assumed an existing £14.5 million Barclays Bank loan due Jan. 31 at the time of its acquisition of property operator and manager R.T. Warren (Investments) Ltd., said it agreed to a new, increased five-year facility secured on the R.T. Warren commercial properties.

Palace Capital also agreed to repay its £12.7 million facility with Nationwide that was due to expire November 2020.