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Hammerson secures new nine-figure revolving credit facility

Property developer Hammerson, which owns and operates retail sites across the UK and Europe, has signed a new £360m revolving credit facility with a line-up of big-name lenders.

The London-headquartered firm has agreed the facility, which has a maturity of five years but can be extended to a maximum seven, to replace its existing £175m facility which was set to mature next April.

BNP Paribas, JP Morgan, RBS were just some of the names making up the syndicate of 14 international banks who have provided commitments for the financing, which Hammerson claims reinforces its ‘strong financial position’ and helps to extend the maturity of its debt.

The group, which owns Brent Cross shopping centre and The Goodsyard in London, recently completed a £400m private placement and its existing £415m and £420m RCFs were extended by another year earlier in April, putting Hammerson’s total bank facilities at £1.2bn.

Timon Drakesmith, Chief Financial Officer of Hammerson, said: “This new credit facility is the latest milestone in our journey to reduce Hammerson’s cost of debt by refinancing in an attractive funding environment.

“I am particularly delighted to welcome five new banks into our relationship group and appreciate the support from major institutions from Asia, US and Europe.”

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