British Land and Tesco's development investment venture Tesco BL Properties Limited has refinanced its retail portfolio with a new asset financing agreement over five years.
A new
property development loan agreement secured by Tesco BL Properties Limited (TBL) has refinanced the joint venture's retail portfolio.
The new
commercial finance facility, agreed by the joint 50/50 venture between British Land and retail giant Tesco, was provided through multiple
sources of finance including Santander Corporate Banking, Caylon Credit Agricole CIB and Nationwide Building Society.
Remaining
asset financing was provided by Eurohypo AG and Helaba.
TBL was established in 1999 and has a portfolio comprised of two retail parks, two shopping centres and five Tesco superstores.
The refinancing comes shortly after British Land acquired SEGRO plc's 50 per cent interest in a joint venture with Tesco at the Surrey Quays Shopping Centre in Rotherhithe and Clifton Moor Retail Park in York.
Chris Grigg, chief executive of British Land, said: "These retail locations offer attractive opportunities for our asset management expertise to add value over the short and medium term."
Latest News 
