Joint Venture with Tesco Exte

RNS Number : 6977Z

British Land Co PLC

19 January 2011

 



                                                                                                                                         19 January 2011

Tesco/British Land Joint Venture Extension and Refinance Completed

BLT Properties Limited ("BLT"), a 50:50 Joint Venture between The British Land Company PLC and Tesco plc, has refinanced its superstores portfolio.

The new £185 million 7 year term loan facility provided by BayernLB, London branch, was used to repay BLT's existing bank loan.

In conjunction with the refinancing, the Joint Venture was extended for a further 10 years; the second renewal after its establishment in 1996 and first renewal in 2003.

BLT now owns a portfolio of eight Tesco superstores and one retail park anchored by a Tesco superstore.  It is one of five Joint Ventures between British Land and Tesco which together hold properties valued at £1.8 billion.

Enquiries:

British Land

Sally Jones (Investors)                                                           020 7467 2942

Pip Wood, (Media)                                                                  020 7467 2838

Gordon Simpson, Guy Lamming (Finsbury Group)               020 7251 3801

 

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