British Land refinances Tesco JV
Published: 13 January, 2010
Tesco BL Properties, a 50/50 joint venture between British Land and Tesco, has completed the refinance of its retail portfolio with a new £315m five-year term loan. The funds were used to repay TBL's existing bank loan on its scheduled maturity date.
The new loan facility was provided by a club of five lenders in London: Eurohypo, Helaba, Santander Corporate Banking, Calyon Crédit Agricole CIB and Nationwide Building Society.
TBL was established in 1999 and now owns a portfolio of two retail parks, two shopping centres and five Tesco superstores. It is one of five joint ventures between British Land and Tesco.
