The Gibraltar Limited Partnership, a joint venture which is 50% owned by Hercules Unit Trust, the specialist retail warehouse fund managed by Schroder Property and advised by British Land*, has agreed a new £150 million (approx. 180 million) five-year loan facility with Deutsche Pfandbriefbank AG and Helaba Landesbank Hessen-Thüringen Girozentrale, London Branch.
The loan will be used, together with existing cash held by the Partnership, to repay in full the existing debt finance, which would have matured in July 2012. The all-in rate on the loan, including margin and arrangement fee, is significantly less than the interest rate under the existing finance.
Deutsche Pfandbriefbank AG and Helaba Landesbank Hessen-Thüringen Girozentrale, London Branch have acted as Arrangers of the new facility and have provided the interest rate swap. Deutsche Pfandbriefbank AG will act as Facility Agent and Security Agent.
When combined with the £350 million of financing signed in September 2011, Hercules and its joint venture partners have now successfully agreed £500 million of new finance within the last nine months.
*British Land has a 41% interest in Hercules Unit Trust
Source: British Land