Flats builder London Square on Thursday shrugged off jitters in the capital’s high-end home markets and secured £200 million of new funding to work on more sites.
The property developer said it has got new debt facilities totalling £150 million from Natwest, HSBC and Allied Irish Bank GB. On top of that it has got a £50 million loan from Pricoa Capital.
The lending comes despite clouds hanging over the London luxury flats market, with concerns Brexit will freeze or slow down buyer demand.
London Square will use the funding to go ahead with building some of its £2 billion pipeline, including sites in Bermondsey and Caledonian Road.
In the year to March the firm completed 490 homes, up from 294. It notched up sales of £287.5 million, up from £197.7 million.
Finance chief Scott Brown said: “London Square is taking a long term view of the future. We have established a business that can grow in uncertain times.”
