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 2025, our share of the total debt of our joint ventures and funds was £0.9 billion of which £0.5 billion was accounted for by a securitisation 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 (one times cover)* 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 | £420m | Interest cover ratio | 100 Liverpool Street |
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 2025, the Broadgate securitisation had £1,049 million of securitised bonds outstanding with a weighted average maturity of 6.2 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
For more information see Meadowhall Finance PLC.