THAKRAL has signed a new $685 million syndicated facility despite the current credit issues following the United States sub prime mortgage crisis.
The facility was provided by the Commonwealth Bank, HSBC, St George Bank and ING Real Estate Finance.
CBA and HSBC have been bankers to the group for over 10 years whilst St George has provided development finance to Thakral. The new facility provides Thakral with additional funds of approximately $175 million.
Thakral’s managing director John Hudson said the terms represent an improvement on its previous facility and have been achieved despite the current credit issues following the
“The terms reflect the strong market outlook for hotels and the long term relationship developed with our bankers,” he concluded.
Australian Property Journal
