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British Land

British Land, the UK real estate investment trust, has raised £300 million (€327 million) through the issue of its first sterling bond.
British Land has launched a £350m offer of senior, unsecured convertible bonds to help fund recent London purchases. In a statement to the London Stock Exchange, the UK REIT said the bonds have a maturity date of 9 June 2020 and are expected to carry a coupon of between 0.00% and 0.50%. They will be convertible into ordinary shares of the company.
British Land raised £1.9bn of debt finance including a five year £785m unsecured revolving credit facility for the year to 31 March 2015. It reduced its weighted average interest rate by 30bps to 3.8% over the period and lowered its LTV to 35% from 40% in the previous year.
Developer St Modwen has appointed British Land’s Rob Hudson as group finance director. Hudson, 41 and currently British Land’s group financial controller, is expected to take up the role in October. He replaces Mike Dunn who leaves St Modwen in May to spend more time with his family. Andy Taylor will become acting group finance […]
British Land has put in place a new £485m revolving credit facility at a margin of only 90bps. BL logo croppedThe unsecured facility is the lowest arranged in the UK by a listed real estate firm this cycle and is a reduction of 25bps on the facilities it is replacing. The margin beats the previous lowest of 105bps, arranged by Great Portland Estates in October last year
Quintain Estates & Developments has appointed Simon Carter as its new finance director. He will take up the role at the listed investment and regeneration company from 26 May, leaving British Land where he is head of strategy and the member of executive committee.
Helaba and Handelsbanken have teamed up provide £325m of refinancing for a UK retail portfolio held by a joint venture between British Land and Tesco. The German and Swedish banks, respectively, have each provided half of a new five-year term loan for Tesco BL Properties, secured against two retail parks, five shopping centres and four […]

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