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£45m

Loan amount

3.22% p.a.

Interest rate

Portfolio of UK Shopping Centres

THE CHALLENGE

Bircroft was approached to re-finance debt secured against a portfolio of UK Shopping Centres. The existing debt was reaching maturity with a lender who had decided to withdraw from the retail market. Amidst negative sentiment over the Retail sector, Bircroft was instructed to re-position the existing debt on favourable terms.

THE SOLUTION

The client’s initial strategy was to utilise a debt package to underpin the sale of the portfolio but following a change in direction, it was decided to retain the properties and utilise the debt terms on offer. Bircroft successfully originated a loan facility of c£45m on a new 5-year facility at a margin of 2.70% with soft amortisation.

KEY WINS

  • Challenging asset class given current retail environment
  • Valuation issues overcome via amended loan profiling