British Land, Tesco JV refinance £315 mln loan

A joint venture between property firm British Land and retailer Tesco has refinanced its retail portfolio with a new 315 million pounds five-year term loan, the companies said on Wednesday.

The funds were used to repay an existing bank loan for Tesco BL Properties Limited, a 50-50 joint venture between the two companies, on the loan's scheduled maturity date, they said in a statement.

The new loan facility, completed on December 23, 2009, was provided by a club of five lenders in London - Commerzbank unit Eurohypo AG, Helaba, Santander Corporate Banking, Calyon Credit Agricole CIB and Nationwide Building Society.

The joint venture, established in 1999, owns a portfolio of two retail parks, two shopping centres and five Tesco superstores, and is one of five joint ventures between British Land and Tesco.