Some of our joint ventures are funded with external debt. Joint venture debt is secured on the assets of the relevant entity and is non-recourse to British Land.
As at 31 March 2026, our share of the total debt of our joint ventures and funds was £1.7 billion of which £0.5 billion was accounted for by securitisations and the balance by bank debt.
Joint Venture | Debt type | Amount | Covenant summary | Assets secured |
Broadgate | Securitisation Bonds | £1.0bn | To meet interest and scheduled amortisation* No LTV covenant | 1 Finsbury Avenue; 135, 155 and 199 Bishopsgate; Exchange House; 10 Exchange Square; 1 Appold Street and the Broadgate Club; Broadwalk House; 201 Bishopsgate; The Broadgate Tower |
Broadgate | Secured Green bank loan | £475m | Interest cover ratio | 100 Liverpool Street |
Broadgate | Secured Green bank loan | £450m | Interest cover ratio | 1 Broadgate |
Paddington | Secured bank loan | £515m | Interest cover ratio | 2 Kingdom Street, 4 Kingdom Street, 1 Sheldon Square, 3 Sheldon Square and ancillary retail |
Canada Water | Secured Green development loan facility | £150m | Loan to development cost | Phase1 assets, A1 and A2 |
West End Offices | Secured Bank loan | £160m | Interest cover ratio | York House, Marble Arch House, 10 Portman Square |
*covenant light structure, no LTV default covenants
Broadgate Financing
As at 7 April 2026, the Broadgate securitisation had £1,002 million of securitised bonds outstanding with a weighted average maturity of 5.4 years and a weighted average interest rate of 4.93% supported by the cashflows from certain parts of the Broadgate Estate in the City of London.
For more information see Broadgate Financing PLC.