Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.