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British Land Seeks $1.9B Refinancing

LONDON-British Land is the latest UK property company to put its finances in order ahead of converting to REIT status. The company cuts its interest-rate bill by refunding Meadowhall shopping center.

By Anita Howarth | Updated on November 20, 2006

(To read more on the debt and equity markets, click here.)

LONDON-British Land has refinanced its Meadowhall shopping center in anticipation of converting to REIT status next year. The euro 1.5-billion ($1.9-billion) refinancing will save the company euro 4.4 million ($5.7 million) a year on interest repayments.

The shopping center in Sheffield is currently securitized through Meadowhall CMR Finance and will be refinanced for euro 1.5 billion ($1.9 billion) through Meadowhall Finance PLC, a wholly owned subsidiary of British Land. The proposed refinancing will have a weighted average interest rate of about 4.9%.

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