British Land and GIC secure €522m green loan

British Land and GIC's Broadgate project secured a £450 mln (€522 mln) green loan for a mixed-use space in London’s Broadgate development.

1 Broadgate

The five-year loan, provided by two banks, is secured against the property, which is already 96% pre-let to major tenants like A&O Shearman and JLL. 
The deal helps British Land reduce its net debt to EBITDA ratio by 0.6x and diversifies its funding sources.
Completed in July, 1 Broadgate is a highly sustainable mixed-use space that boasts 50,632 m2 of workspace, roof terraces, prime retail and leisure space.
Broadgate is a thriving business hub near Liverpool Street Station and the Elizabeth Line, providing exceptional connectivity and positioning itself as one of British Land's most operationally efficient buildings.
David Walker, CFO at British Land, said: "We are delighted to have successfully arranged this £450 mln loan on our newest, best-in-class office building. This transaction underscores the confidence of our banking partners in this asset and the campus, and Broadgate's continued appeal as the place to be in London for ambitious, forward-thinking businesses. The financing further enhances our flexibility to continue delivering space that meets the evolving needs of our customers, into a heavily supply-constrained market where rents are growing strongly."