As at 31 December 2011, Group gross and net borrowings were £2,537 million and £2,291 million respectively.
We raise debt from a variety of sources and with a spread of maturities both to provide significant and secure long-term financing for the Group’s activities and mitigate risk. We also have substantial committed undrawn facilities.
The main types of debt used by the Group are:
- With recourse to British Land for repayment by the Group, either secured by specific assets or unsecured
- Non-recourse to British Land in structures including funds and joint ventures
Including our share of debt in funds and joint ventures which are not wholly owned or fully consolidated, gross and net borrowings at 31 December 2011 were £5,196 million and £4,907 million respectively.
