UK REIT Land Securities has signed a new £1 bn (EUR 1.3 bn) five-year bank facility at a headline margin of 120 basis points over Libor.
UK REIT Land Securities has signed a new £1 bn (EUR 1.3 bn) five-year bank facility at a headline margin of 120 basis points over Libor.
The loan has the option to add further lenders and discussions will continue with other interested parties in the New Year.
The new facility replaces the existing £1.5 bn revolving credit facility and £400 mln of bilateral arrangements. In addition to the new £1 bn debt package, Land Securities has retained £300 mln of existing bilateral arrangements which are due to expire in November 2014.
'Together with our bilateral facilities, we have over £1.3 bn of bank agreements at very competitive margins in a market where we expect opportunities to arise and access to funding to be constrained,' said Martin Greenslade, Group Finance director at Land Securities.
He added: 'To raise over £1 bn in current credit market conditions demonstrates the strength of our balance sheet, the quality of our portfolio and our strong bank relationships.'
