Tesco/British Land JV completes £315m refinancing

13th Jan 2010 13:46

A 50/50 joint venture between British Land and supermarket chain Tesco has completed the refinance of its retail portfolio with a new £315m five-year term loan.Tesco BL Properties Limited (TBL), set up in 1999, used the funds to repay the existing bank loan on its scheduled maturity date.A new loan facility, completed on 23 December last year, was provided by a club of five lenders in London, which included Santander Corporate Banking and Nationwide Building Society. TBL, one of five joint ventures between British Land and Tesco, owns two retail parks, two shopping centres and five Tesco superstores.