Liverpool One in £385m refinancing
Published: 05 January, 2011
The Grosvenor Liverpool Fund has secured £385m refinancing for its 1.6m sq ft Liverpool One mixed-use scheme
The refinancing agreement was signed with RBS, Eurohypo, Dekabank and Credit Agricole. The five-year deal replaces the original funding put in place six years ago to cover both the development phase and the initial period of trading.
Chris Taite, fund manager of the Grosvenor Liverpool Fund, said: “We have been in discussion with the banks since early last year to secure this refinancing, never an easy task for this size of loan, even in a strong market. Liverpool One’s quality and demonstrable success convinced our new lenders.
Taite said Liverpool One has performed exceptionally since opening two years ago, despite the challenging economic climate. It is currently 98 per cent let and 20 new retailers have opened in the past 12 months, including Hugo Boss, Desigual,
Habitat, Hollister, Jamie’s Italian and Kuoni. Footfall was up 5.8 per cent in 2010 and Liverpool One has consistently outperformed the IPD Index of large UK shopping
centres.
