Liberty International is expected to complete its reﬁnancing of Lakeside shopping centre as early as January. The regional shopping centre specialist said last month that it was “engaged in positive discussions with a number of lenders” about reﬁnancing the Opera Lakeside CMBS deal.
Sources believe the company has agreed seven-year bank ﬁnancing rather than a capital markets transaction. The terms being ﬁnalised are said to include a club of banks, lead by joint arrangers Eurohypo and WestImmo, providing up to £500m of part ﬂoating-rate, part hedged debt, at an overall margin equivalent to 220 basis points. Liberty has used some of the cash it raised this year to repay the class B and class C notes in the Opera Lakeside deal.