Great Portland Estates refinances The Great Ropemaker Partnership

Great Portland Estates has arranged a new £90m five year non-recourse loan for The Great Ropemaker Partnership.

The 50:50 partnership between the FTSE 250 company and BP Pension Fund’s property holding company Ropemaker Properties has been operating since 2008 to own and develop a proposed 18 storey 207,000 sq ft office, retail and residential scheme at 240 Blackfriars Road.

It has subsequently invested in a number of other opportunities.

Great Portland Estates said on Tuesday that the refinancing deal has been struck with RBS and Crédit Agricole CIB and is secured on the company's long leasehold interests at 200 & 214 Gray's Inn Road.

It refinances an existing £73m bank loan arranged in 2011.

Finance director Nick Sanderson said the deal both reduces the company’s finance costs and enhances its debt maturity profile.