British Land closes 310m pound credit facility

12th Jun 2013 06:56

FTSE 100-listed real estate investment trust British Land has confirmed that the new five year unsecured revolving credit facility signed in May 2013 has closed at 310m pounds, following the addition of a further bank. The facility, which has an initial margin of 135 basis points per annum (bps pa), was increased from £200m at launch due to over subscription and the terms include British Land's standard unsecured financial covenants. Lloyds Banking Group is facility agent and Co-ordinator. Lloyds, Royal Bank of Scotland and Bank of Tokyo-Mitsubishi UFJ, were bookrunners. JP Morgan, Scotiabank and Mega International Commercial Bank, being new lending relationships for British Land, together with Bank of China and Santander joined the bookrunners in providing commitments. Lucinda Bell, Finance Director of British Land, said: "We are delighted with the success of this syndicated facility and with the support from both existing lenders and several banks new to the British Land relationship." She added: "Our ability to continue to access diverse sources of low cost debt finance is a key competitive strength. It provides us with the resources and flexibility to pursue our objectives and grow the business."British Land had total assets owned or managed of £16.4bn as of March 31st and its occupancy rate is 96.8%. Retail assets account for 60% of the group's portfolio, around 80% of which are located at prime out of town sites. MF