Crédit Agricole CIB and Handelsbanken have provided a £60m loan to refinance the Beaumont Leys Shopping Centre in Leicester, owned by a British Land and Tesco joint venture. The five-year debt facility was used to repay an existing bank loan on maturity and return funds to the partners.
Crédit Agricole acted as facility agent and joint arranger with Handelsbanken, with each bank taking an equal participa-tion in the debt. Handelsbank-en’s City corporate banking branch, which has British Land as a client, delivered the deal. The Tesco British Land Property Partnership was extended for a further 10 years.
In December 2009, another joint venture between the pair, Tesco BL Properties, agreed a new £315m loan facility provided by a club of five lenders. In November, BLT Properties secured an £185m, seven-year loan from Bayern LB.
Deutsche Pfandbriefbank has credit approval to extend €88m of debt for Tamar Capital Partners’ European industrial fund, for three and a half years from its November 2011 maturity, at a cost of 6.5%. Last year, Deutsche Bank refinanced €94m of debt RBS provided when the fund was launched in 2006.