BLT was the first of several joint ventures between Tesco and British Land. It was formed in 1996 for an initial term of seven years, with a £175 million ($305 million) portfolio of 13 properties. Since then, BLT has extended four properties, adding 80,000 sf of trading space; sold three properties at a profit and sold another property to Tesco while buying a replacement from the company.
The portfolio now comprises eight Tesco superstores and two retail parks, one of which is anchored by a Tesco superstore, valued at a total of £250 million ($440 million) BLT was financed initially by a £140 million ($245 million) syndicated bank loan, which reduced to £110 million ($190 million) following the sales. Now, a new term loan has now been obtained for £185 million ($325 million) from a syndicate of Danske Bank, HSBC, Mizuho Corporate Bank, Royal Bank of Scotland and WestLB.
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