Unsecured bank revolving credit facilities provide full flexibility of drawing and repayment at short notice without additional cost, providing valuable operational support. Current facilities amount to some £2.1bn as per our results presentation in May 2024.
Description | Amount | Maturity | Basis |
Syndicated revolving credit facility1 | £525m | FY 26 | Sonia + margin |
Syndicated revolving credit facility2 | £450m | FY 27 | Sonia + margin |
7 Bilateral revolving credit facilities | £840m | FY 26-38 | Sonia + margin |
5 Term loans | £475m | FY 29-30 | Sonia + margin |
All of the bank facilities are subject to our unsecured covenants
As at 31 March 2024, British Land had c£1.2bn of sustainability-linked revolving credit facilities and term loans with two KPIs aligned with our sustainability strategy. These facilities include an adjustment to the interest margin payable based on British Land’s annual performance relative to the agreed sustainability-linked financing KPIs.
The two KPIs are:
(i) percentage of development projects on track to achieve BREEAM Excellent or above (or BREEAM Very Good for logistics); and
(ii) the percentage of assets under management with a BREEAM certificate of Very Good or above
Sustainability-linked financing KPIs | 2024 |
Development projects - on track for Excellent or above | 98% |
Total Assets under management - Very Good or above | 32% |