The Gibraltar Limited Partnership, the joint venture between Hercules Unit Trust and The Crown Estate, has secured a £150m loan.
Schroder Property-managed Hercules, of which British Land has a 41% interest in, said the five-year loan had been agreed with Deutsche Pfandbriefbank AG and Helaba Landesbank Hessen-Thüringen Girozentrale, London branch. The former will act as facility agent and security agent.
It will be used, together with existing cash held by the partnership, to repay in full the existing debt finance, which would have matured in July 2012.
The all-in rate on the loan, including margin and arrangement fee, is significantly less than the interest rate under the existing finance.
The loan contributes to £500m of new finance Hercules and its joint partners have agreed over the last nine months.
joanna.bourke@estatesgazette.com
