Commercial Property News

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Wednesday, November 22, 2023

British Land plans 1.01bn Meadowhall Shopping Centre refinancing

British Land have announced plans for a refinancing of its Meadowhall shopping centre which is securitised through Meadowhall CMR Finance. Meadowhall will be refinanced by a new simplified securitisation issued by Meadowhall Finance, a wholly owned subsidiary of British Land.

The proposed refinancing, which unlocks value for both British Land and existing bondholders, is expected to amount to 1,015m. The new financing is expected to have a weighted average interest rate of approximately 4.9%.

The refinancing follows on from the success of, and positive investor reception to, the similar exercises carried out in March 2005 on British Land's 2.1bn Broadgate securitisation and in February 2006 on British Land's 750m BL Superstores securitisation.