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LONDON-British Land has refinanced its Meadowhall shoppingcenter in anticipation of converting to REIT status next year. Theeuro 1.5-billion ($1.9-billion) refinancing will save the companyeuro 4.4 million ($5.7 million) a year on interest repayments.
The shopping center in Sheffield is currently securitizedthrough Meadowhall CMR Finance and will be refinanced for euro 1.5billion ($1.9 billion) through Meadowhall Finance PLC, a whollyowned subsidiary of British Land. The proposed refinancing willhave a weighted average interest rate of about 4.9%.
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