The St David's Limited Partnership, a 50:50 joint venture between Land Securities and Liberty International PLC subsidiary, Capital Shopping Centres, has agreed a facility for up to £290 million (approx. 330 mln.)against its development of the St David's shopping center, Cardiff.
The joint venture partners will each be able to receive up to 50% of the proceeds which can be drawn down over the first twelve months subject to progress on construction and letting of the scheme. The facility is for a five year term.
Commenting on the facility, Land Securities Group Finance Director Martin Greenslade said: "We are pleased to have completed this fund raising for an asset held outside our Security Group. The cash raised increases our flexibility to take advantage of opportunities as the cycle turns and takes us closer to meeting our aspiration to pay down debt within our secured debt structure at the right time."
The facility is being provided by way of term finance from joint Mandated Arrangers DekaBank, Eurohypo, Nationwide Building Society and WestImmo. WestImmo are acting as Facility Agent with DekaBank and Nationwide Building Society acting as Co-Monitoring Agents.
St David's 2 will deliver 967,500 ft² (89,880 m²) of new retail space, in addition to the existing 427,000 ft² (39,670 m²) St David's shopping centre, which attracts more than 27 million shoppers each year. The new 1.39 million ft² (129,135 m²) St David's will deliver more than 100 new shops, 25 cafes and restaurants and luxury apartments in the heart of Cardiff. The scheme is also delivering the largest John Lewis department store outside London's West End.
Source: Land Securities