Five banks have provided around £400m to Grosvenor for its Liverpool ONE shopping centre in the heart of the northern city.
Crédit Agricole CIB, BNP Paribas, Société Générale, Sumitomo Mitsubishi and Royal Bank of Scotland have teamed together to supply the five-year loan.
The facility reflects a loan-to-value of just under 44% on the £920m value of the 1.8m sq ft scheme.
The shopping centre, which includes 30,000 sq ft of offices, was last financed with a £385m term loan four years ago from Crédit Agricole, DekaBank, RBS and Eurohypo, which was taken over by Wells Fargo.
The new facility’s tight pricing, thought to be between 125-140bps, and the relaxed covenants Grosvenor was seeking, are believed to be the reasons DekaBank and Wells Fargo did not participate in the latest refinancing.
Grosvenor completed the main retail component of Liverpool ONE, which is the largest open air shopping centre in the UK, in 2008.
It is anchored by Debenhams and John Lewis department stores and is the fifth largest shopping centre in the UK.
It comprises over 165 shops, more than 500 apartments, two hotels, 25 restaurants, a 14-screen Odeon cinema and a five-acre park.
Grosvenor funded the development through its £460m Grosvenor Liverpool Fund.