Liberty seals major refinancing deal for Lakeside

  Liberty International has confirmed a £525m refinancing package for the £877m Lakeside shopping centre in Thurrock.   As revealed by Estates Gazette (News, 9 January, p27), Liberty’s refinancing of Lakeside is one of the largest completed since the downturn began.   The company has lined up a £525m, seven-year senior debt facility, which will replace a £545.8m securitised loan due to mature in 2011.   A consortium of seven banks provided the funds for the new loan.   Liberty said the funding was arranged by WestImmo and Eurohypo and the lenders are DekaBank,   Eurohypo, Helaba, Lloyds, Pfandbriefbank, Santander and WestImmo. Eurohypo is facility agent and WestImmo was documentation agent.   Liberty International’s finance director, Ian Durant, said: “Liberty International is pleased to have agreed a significant long term bank financing and this speaks well of the quality of Lakeside and the strong support that the group enjoys from its banking relationships.   “This seven-year loan substantially improves the group’s overall debt maturity profile and refinances one of the group’s largest debt maturities, leaving 2015 as the next significant date for repayment of CMBS-related debt.”   The Lakeside shopping centre is owned and managed by Capital Shopping Centres, a subsidiary of Liberty International.   The borrower was advised by Linklaters and the lenders by Allen & Overy.   nathan.cross@estatesgazette.com