JV with Tesco Refinancing and Extension Completed

RNS Number : 6994E

British Land Co PLC

12 April 2011

 



                                                   12 April 2011

British Land and Tesco Complete Third Joint Venture Refinancing and Extension

The Tesco British Land Property Partnership ("TBLPP"), a 50:50 joint venture between The British Land Company PLC ("British Land") and Tesco plc ("Tesco"), has refinanced its Beaumont Leys Shopping Centre in Leicester.

The new £60 million 5 year term loan facility, provided by Crédit Agricole Corporate and Investment Bank and Handelsbanken, was used to repay the existing bank loan on its maturity and return funds to the partners.  Crédit Agricole CIB acted as Arranger and Facility Agent.

In conjunction with the refinancing, the joint venture was extended for a further 10 years.

TBLPP is the third joint venture between British Land and Tesco to have been successfully refinanced and extended during the last 15 months.  In December 2009, Tesco BL Properties Limited agreed a new £315 million loan facility provided by a club of 5 lenders; and in November last year, BLT Properties Limited secured a new £185 million loan provided in full by one bank. 

It is one of five joint ventures between British Land and Tesco which together hold properties valued at £1.8 billion.  Beaumont Leys Shopping Centre is situated on the outskirts of Leicester and serves one of the UK's largest shopping populations totalling nearly 500,000 people.  The 300,000 sq ft scheme comprises a total of 45 stores/restaurants and is anchored by the Midland's largest Tesco store (150,000 sq ft).  In addition to Tesco, key retailers include Argos, Boots, New Look, Next, Wilkinson and WH Smith. 

Enquiries:

Investor Relations

Sally Jones, British Land                                                020 7467 2942

Media

Pip Wood, British Land                                                   020 7467 2838

Guy Lamming, Finsbury Group/                                       020 7251 3801

Gordon Simpson, Finsbury Group

 

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