Grosvenor has raised £210m of unsecured long term debt to help finance forthcoming investment in Belgravia.
Grosvenor Britain & Ireland (“GBI”) placed the debt with a select group of UK and US institutional investors on a bilateral basis with an average coupon of 4.6% and average maturity of 27 years.
Roger Blundell, Finance Director of Grosvenor Britain & Ireland, said: “We monitor all funding sources available to us and look to access the best market for our needs at the right time. With interest rates remaining very competitive, we felt this was a good time to raise long term debt. The funds will enable continuation of our programme of investment and development in Belgravia”.
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor Britain & Ireland aims to create value through our skills in placemaking anddesign, repositioning locations in ways that change customer perceptions and deliver results for our stakeholders. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain & Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres around the UK. As at 31 December 2012, Grosvenor Britain & Ireland had assets under management of £4.8bn.