The UK's Grosvenor has announced the successful refinancing of a £552 mln (€651 mln) tranche of its £1.1 bn syndicated unsecured multi-currency revolving credit facility (RCF).
The transaction, completed in June 2024, means that the full £1.1 bn RCF, originally signed in 2021, has been refinanced in the past year, securing Grosvenor’s medium term committed back-up liquidity to support its international urban property business.
Intended for general corporate purposes, it will further enhance the organisation’s capacity to respond to opportunities, shifts in the markets and other priorities such as the business’ global commitment to decarbonise its activities in line with science-based targets.
Despite variations in local markets, Grosvenor said its international urban property business had performed positively in the first half of the year.
Across the London portfolio, excluding strategic voids, occupancy reached a post pandemic high of over 97% at the end of H1, with office occupancy performing particularly strongly, rising to 99%.
In North America, where Grosvenor has been active for over 70 years, the company’s Canadian portfolio is 100% leased. In the US, construction completed on a Class-A multifamily rental project, delivering 163 fully furnished homes (368 beds) in Berkeley, California.
Grosvenor’s diversified property investments (GDPI) business recently invested in a build-to-rent project in Brisbane comprising 475 homes, led by Cedar Pacific. GDPI’s portfolio extends across six continents, spanning a broad range of real estate sectors.
Grosvenor said it had again benefitted from the strong support of its group relationship banks during this refinancing, with NatWest, Santander and SMBC appointed facility co-ordinators & bookrunners, and Bank of China Limited, London Branch, The Bank of East Asia Limited, London Branch, The Bank of Nova Scotia, BNP Paribas, Crédit Industriel et Commercial, DBS Bank Ltd., London Branch and The Royal Bank of Canada, acting as mandated lead arrangers.
Robert Davis, chief financial officer, Grosvenor commented: 'We are pleased to have refinanced this facility during a period of supportive loan and financial markets, extending our committed liquidity on attractive terms.
'Enhancing the flexibility of our balance sheet and continuing to diversify our portfolio enables us to not only see through challenging times, and provide resilient returns, but also to take advantage of opportunities across the global real estate market.
'Our thanks go to our group relationship banks who have once again supported us by renewing their commitment to Grosvenor.'
