CSC contributed some of its own resources to pay off the £545.8m of outstanding loans of secured on Lakeside which would otherwise been repayable in July 2011. These included £445.8m of CMBS notes that were redeemed at par.

CSC had been paying about 5.5 per cent interest on its Lakeside loans, and by refinancing now it expects to lower its interest costs during the initial years of the new loan, although the banks will charge higher interest over time. The funding was arranged by WestImmo and Eurohypo and the lenders are DekaBank, Eurohypo, Helaba, Lloyds, Pfandbriefbank, Santander and WestImmo.

Ian Durant, finance director at CSC's parent company ,Liberty International, said "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."

Lakeside was one of the first out-of-town |regional shopping centres in the south of England when it opened in 1990. It provides 1.4 million sq ft of retail and leisure space with over 250 shops, including four large anchor stores, a nine-screen multiplex cinema, a range of restaurants and cafés and parking space for 13,000 cars It has a catchment area of over 11 million people within 70 minutes' drive time.

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