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 2024, our share of the total debt of our joint ventures and funds was £1.2 billion of which £0.8 billion was accounted for by securitisations and the balance by bank debt.
West End Offices
Joint Venture | Debt type | Amount | Covenant summary | Assets secured |
Broadgate | Secured bonds | £1.1bn | To meet interest and scheduled amortisation (one times cover* | 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 loan | £420m | Interest cover ratio LTV ratio | 100 Liverpool Street |
Paddington | Secured bank loan | £515m | Interest cover* ratio LTV ratio | 2 Kingdom Street, 4 Kingdom Street, 1 Sheldon Square, 3 Sheldon Square and ancillary retail |
Canada Water Phase 1 | Secured Green Development facility | £150m | LTC and LTV | Phase1 assets, A1, A2 and K1 |
West End Offices | Secured Bank loan | £160m | Interest cover ratio LTV ratio | York House, Marble Arch House, 10 Portman Square |
*covenant light structure, no LTV default covenants
Broadgate Financing
As at 5-Apr-24, the Broadgate securitisation had £1,095 million of securitised bonds outstanding with a weighted average maturity of 6.9 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.
Meadowhall
As at 12-Apr-24, the Meadowhall securitisation had £435million of securitised bonds outstanding with a weighted average maturity of 5.8 years and weighted average interest rate of 5.01% supported by the cashflow of the Meadowhall shopping centre.
For more information see Meadowhall Finance PLC.