£50m refinance for Peel property division

PEEL Land & Property has refinanced a £50m facility with the Royal Bank of Scotland (RBS).

It said the four-year facility will aid the “strategic management” of its investment portfolio.

Peel’s Land & Property division was behind the Trafford Centre, which is now owned by Intu, and MediaCityUK, which is controlled by sister company Peel Media. Its portfolio is valued at £2bn.

James Chadwick, group treasurer at Peel Land & Property, said: “We are very pleased to have secured this facility, courtesy of RBS. It gives Peel Land and Property the flexibility to manage its broad range of assets in the most effective way possible. The arrangement also builds on our long-standing commercial relationship with RBS, which we regard as an important strategic partnership for the group.”

RBS relationship director Duncan Mayall said: “RBS has been a long-standing and consistent supporter of The Peel Group. We are delighted to provide this facility, which offers many benefits, including giving the group more options around management of their property portfolio.”