British Land and Tesco have completed a £325m refinance of their UK retail portfolio.
The joint venture, Tesco BL Properties, has secured the debt from Heleba and Handelsbanken, which have each provided a half share of the five-year facility.
The refinancing has lowered the jv’s debt costs to a margin of less than 150 basis points, replacing debt secured from a club of five lenders in 2009. Helaba, Eurohypo, Santander Corporate Banking, Crédit Agricole CIB and Nationwide Building Society had provided the legacy debt.
bridget.oconnell@estatesgazette.com
