British Land offshoot refinances

published 30 March 2012

The Gibraltar Limited Partnership, a joint venture in which property group British Land has a stake, has agreed a new five-year loan facility.

The new £150m loan will be used to repay the existing debt finance, which would have matured in July 2012. The all-in rate on the loan is described as "significantly less" than the interest rate under the current finance.

Gibraltar is a joint venture, 50% owned by Hercules Unit Trust, in itself 41% owned by British Land. When combined with the £350m of financing signed in September 2011, Hercules and its joint venture partners have now successfully agreed £500m of new finance within the last nine months.