Capital & Counties seals £665m loan for Covent Garden portfolio

 
Kasmira Jefford
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CAPITAL & Counties (Capco) said yesterday that it has secured a new £665m loan to help expand its huge £1.2bn Covent Garden estate.

The developer said the five-year unsecured debt facility will replace three existing secured loans and provide “improved operational and financial flexibility” to support its expansion.

Capco has been sprucing up its Covent Garden estate by developing luxury flats around the market and attracting trendy restaurants and brands including Chanel and US restaurant Balthazar.

It also plans transform the space between King Street and Floral Street into a public courtyard with shops, restaurants and 45 luxury flats after being granted planning consent in December.

Its investment into the tourist hotspot helped boost its value by 19.2 per cent to £1.16bn last year.

HSBC and BNP Paribas acted as the lead banks on the deal, which also included RBS, Credit Agricole, Santander and Wells Fargo.