Leicester shopping centre in £60m deal
Beaumont Leys Shopping Centre in Leicester has undergone a refinancing deal worth £60m. The Tesco British Land Property Partnership (TBLPP), which owns the site, agreed the five-year facility with Crédit Agricole Corporate and Investment Bank and Handelsbanken.
TBLPP is a 50:50 joint venture between The British Land Company and Tesco.
The £60m facility was used to repay the existing bank loan on its maturity and return funds to the partners. Crédit Agricole CIB acted as arranger and facility agent.
In conjunction with the refinancing, the joint venture was extended for a further ten years.
TBLPP is the third joint venture between British Land and Tesco to have been successfully refinanced and extended during the last 15 months. In December 2009, Tesco BL Properties agreed a new £315m loan facility provided by a club of five lenders.
It is one of five joint ventures between British Land and Tesco which together hold properties valued at £1.8bn. Beaumont Leys Shopping Centre comprises 300,000 sq ft, includuing 45 stores and restaurants. It is anchored by the Midland’s largest Tesco store (150,000 sq ft).
In addition to Tesco, key retailers include Argos, Boots, New Look, Next, Wilkinson and WH Smith.
