British Land refinances Tesco JV
Published: 19 January, 2011
British Land and Tesco have refinanced BLT Properties, one of their joint venture companies
BLT Properties, a 50:50 joint venture between British Land and Tesco, has refinanced its superstores portfolio. The new £185m, seven-year term loan facility provided by BayernLB was used to repay BLT's existing bank loan.
At the same time the joint venture has been extended for a further 10 years; the second renewal after its establishment in 1996 and first renewal in 2003.
BLT now owns a portfolio of eight Tesco superstores and one retail park anchored by a Tesco superstore. It is one of five joint ventures between British Land and Tesco which together hold properties valued at £1.8bn.
