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LONDON-Tesco—Britain’s biggest food retailer—and British Land have renewed their property joint venture, BLT Properties. And at the same time they have raised a £185 million ($325 million) loan to refinance the venture.

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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