Insurer AIG backs Camden Market owner Market Tech Holdings with £900m loan

Kasmira Jefford
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Market Tech owns 14 acres of land in Camden (Source: Getty)

American insurance giant AIG has thrown its weight behind the owner of Camden Market after agreeing to provide it with a £900m debt package.

Market Tech Holdings said the 10-year secured debt facility, arranged by AIG Asset Management, comprises of a committed £300m term loan, which will be drawn down immediately.

A further £100m will be drawn down in May 2016 and an extra £50m, subject to certain conditions, is available until December 2017.

The financing package, which replaces its existing loans with Nomura International and Bank of Cyprus, also includes two future drawdown pools of £150m and £300m respectively, subject to lender consent.

The deal comes after Market Tech posted a 15 per cent jump in the value of its expanding 14-acre estate last week to £866.7m.

The Aim-listed company has unified all of Camden’s markets – including Camden Lock, Stables and Union Street – all under one ownership.

It is now trying to haul them into the digital age by providing technology to businesses and retailers to help them track footfall activity and ultimately revenues flowing into the tourist destination.

Read More: Camden undergoes digital revolution

Chief executive Charles Butler, said: “I am very pleased to announce this landmark agreement for Market Tech allowing flexible access to senior secured debt at competitive interest rates.

"The facility provides the company with stable long term funding, enabling us to drive shareholder value by delivering on our medium and long term acquisition and development strategy.”

Shares closed up 0.50 per cent at 215p.

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