Grosvenor refinancing opens up urban investment opportunities
Landowner and developer Grosvenor has refinanced a £552m tranche of its £1.1bn syndicated unsecured multi-currency revolving credit facility (RCF).
The deal means that the full £1.1bn RCF, originally signed in 2021, has been refinanced in the past year, securing Grosvenor’s medium term committed back-up liquidity to support its international urban property business, which includes the 42-acre Liverpool One retail centre.
Intended for general corporate purposes, it will further enhance the Grosvenor’s capacity to respond to opportunities, shifts in the markets and other priorities such as the business’ global commitment to decarbonise its activities in line with science-based targets.
Despite variations in local markets, Grosvenor’s international urban property business has performed positively in the first half of the year.
Between 2008 and 2023, Liverpool One has generated £4.1bn in economic activity, played key role in a 24% growth in the value of the city’s visitor economy, supported thousands of jobs and contributed billions in local and national tax revenue.
The business is also active in London portfolio and across six continents, spanning a broad range of real estate sectors.
Grosvenor has again benefitted from the strong support of its group relationship banks during this refinancing, with NatWest, Santander and SMBC appointed Facility Co-ordinators and Bookrunners, and Bank of China Limited, London Branch, The Bank of East Asia Limited, London Branch, The Bank of Nova Scotia, BNP Paribas, Crédit Industriel et Commercial, DBS Bank Ltd., London Branch and The Royal Bank of Canada, acting as Mandated Lead Arrangers.
Robert Davis, Chief Financial Officer, Grosvenor commented: “We are pleased to have refinanced this facility during a period of supportive loan and financial markets, extending our committed liquidity on attractive terms.
“Enhancing the flexibility of our balance sheet and continuing to diversify our portfolio enables us to not only see through challenging times, and provide resilient returns, but also to take advantage of opportunities across the global real estate market.
“Our thanks go to our group relationship banks who have once again supported us by renewing their commitment to Grosvenor.”
