Gladedale deal with Lloyds on banking facilities

PROPERTY developer Gladedale Group has agreed to restructure £455 million of banking facilities with Lloyds Banking Group.

Gladedale's existing facilities were due to expire later this year. The new deal runs until mid-2014, with an option to extend through to the following year.

The firm, which operates as Bett Homes in Scotland and owns the Quartermile development in Edinburgh through its ventures arm, had done a debt for equity swap with Lloyds in 2009 which cancelled more than £500m of loans.

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