UK-listed property company Hammerson has completed a £360m (€430m) debt refinancing with a syndicate of 14 banks, including Asian lenders.

Lenders included the Agricultural Bank of China, Bank of China, Bank of Taiwan, Chang Hwa Commercial Bank, China Investment Corporation, and Hua Nan Commercial Bank.

The refinancing will significant reduce the company’s cost of the debt. Hammerson, a real estate investment trust (REIT), said the new facility has an initial margin of 90bps, far lower than the 150bps of its predecessor.

It has refinanced the £175m facility one year ahead of its expiry date. The new facility has a five-year maturity, with an option to extend to seven years.

BNP Paribas, First Commercial Bank, ICBC, JP Morgan, The Royal Bank Of Scotland and Wells Fargo Bank were appointed mandated lead arrangers and bookrunners. MUFG acted as coordinator and Deutsche Bank was facility agent.

Timon Drakesmith, chief financial officer of Hammerson, said the new facility is part of efforts to reduce the REIT’s cost of debt by refinancing in an “attractive funding environment”.

The refinancing follows a £400m private placement in January and the extension this month of £415m and £420m revolving credit facilities.