BRITISH LAND confirmed yesterday that a new five-year unsecured revolving credit facility has closed at £310m, more than £100m ahead of target.
The facility, which has an initial margin of 1.35 per cent above Libor, was increased from £200m at launch after being oversubscribed, in a sign of returning confidence in the debt markets.
The FTSE firm said JP Morgan, Scotiabank and Mega International Commercial Bank, have come on board as new lenders together with Bank of China and Santander.
Lucinda Bell, finance director, said “We are delighted with the success of this syndicated facility...Our ability to continue to access diverse sources of low cost debt finance is a key competitive strength.”
Mike Prew, an analyst at Jefferies said: “This piece of smart debt husbandry shows that bank debt markets for real estate are gradually improving, at least for the higher quality borrowers with higher quality assets.”