Five UK banks refinance Peel Land and Property’s development sites

A group of five UK banks has refinanced £266m of debt for John Whittaker’s Peel Land and Property.

Barclays, HSBC, Lloyds Bank Commercial Banking, RBS and Santander provided a non-recourse corporate facility secured against a segregated pool of assets.

One of the lenders described it as an “unorthodox portfolio;  a mishmash of dozens of development sites” including some at MediaCityUK in Salford and Liverpool Waters.

The debt is “attractively priced on the basis of Peel’s track record and the relationship we have with them; there’s no eye-watering margin”, he added.

Peel Land and Property holds many of The Peel Group’s development assets, including offices, retail and business parks, sports and leisure venues, residential development and agricultural land across the UK.

The maturity replaces the same amount of debt, split unequally among the banks,  and brings in new lenders.