Grosvenor has agreed a new syndicated £1.1bn, dual-tranche, unsecured, multi-currency revolving credit facility.
The RCF, which will be linked to sustainability metrics, will be used for general corporate purposes and provides medium-term committed back-up liquidity for the group.
Grosvenor said the new loan replaced and centralised existing undrawn bilateral loan facilities.
Finance director Robert Davis said: “We are very pleased to be able to consolidate and refinance our back-up liquidity facilities into one efficient and cost-effective group facility while aligning it with our sustainability strategy. We are very appreciative of the support we have received from our banking partners in reaching this agreement. This reflects the long-term nature of these relationships, the strength of our balance sheet and the resilience of our business during the pandemic. Importantly, it is also a vote of confidence in our sustainability aspirations.”
The landed estate said that it would develop specific sustainability targets and metrics for the new facility over the next 12 months.
Grosvenor has previously committed to achieving net zero carbon operational emissions from all its directly managed buildings globally by 2030, and to work towards all buildings, directly and indirectly managed, being embodied and operationally net zero across its portfolio by 2050.
NatWest, Santander and SMBC Bank International co-ordinated the new facility and were bookrunners. Bank of China, Bank of East Asia, Bank of Nova Scotia, BNP Paribas, Capital One, Crédit Industriel et Commercial, DBS Bank and Société Générale were lead arrangers.
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