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L&G completes £175m refinance
The deal is arranged over a 15-year period and is secured against a high-quality asset within the Arora Group portfolio.
Steve Boyle, lending manager at LGIM Real Assets, said: “The fundamentals of this loan are very strong.
“We continue to look across all sectors, both mainstream and alternative, in the UK for equally appealing opportunities across all durations.
“It remains an exceptional time for borrowers to lock into longer-term debt, especially when the lender can offer a fixed rate, avoiding the need for hedging, and the flexibility of substitution rights.”
Founded in 1999, the Arora Group comprises Arora Property, Arora Hotels and Grove Developments.
The firm has been responsible for the development of the InterContinental London, the World Business Centre Heathrow and a number of hotels across the UK.
Surinder Arora, founder and chairman of the Arora Group, added: “As a group, we are always looking to achieve the best value, and work with a range of lenders to ensure the most appropriate financing structures are in place for the Arora Group.
“On this occasion, Legal & General is again the ideal partner and has secured an excellent rate for the group, leveraging the current low interest rates, and it has been a real pleasure to work with them.”
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