Grosvenor Fund Management has completed the refinancing of Grosvenor Liverpool Fund, which owns the 2.4 million sq. ft. Liverpool ONE shopping centre. The bank debt for the Fund has been refinanced with a £410m facility on a seven year term with a club of banks comprising BNP Paribas, Crédit Agricole CIB, The Royal Bank of Scotland plc, Societe Generale and Sumitomo Mitsui Banking Corporation, on terms that represent a significant improvement compared to the previous 2010 facility.
Commenting on the refinancing, Chief Executive James Raynor said:
“We are delighted with the pricing and terms achieved on the facility, and are very pleased with the composition of the club of lenders. We would not have been able to achieve such a positive outcome without their support.
“This is an exciting milestone for the Fund and follows a strong 12 months that saw investors committing to the modernisation of the Fund earlier in the year. These combined activities have provided us with a stable platform from which to implement a long-term asset management strategy for Liverpool ONE and reflects Grosvenor Fund Management’s ongoing commitment to Liverpool.”
Miles Dunnett, Portfolio Director for the Grosvenor Liverpool Fund, added:
“It has been another successful year for Liverpool ONE. Occupiers have seen sales growth of 9% and footfall is up 2.5%, both of which are ahead of the UK average. As a result, there has been unprecedented occupier demand and more than 25 new stores opened in 2015, with many brands choosing Liverpool ONE for their regional debuts, or first stores outside London. New arrivals include Ugg, Wahaca and the White Company.
“Momentum is already building for 2016, Living Ventures open a bar and restaurant in January, and Victoria’s Secret will open a 10,000sq ft flagship store before the summer.”
For more information contact:
Sorrel Basher, Press Office
020 7312 6101
Notes to Editors
Grosvenor Fund Management:
Grosvenor Fund Management aims to create value for investors, shareholders and staff by creating compelling investment strategies that are expertly implemented. Building on our recognised skills and track record, we focus on urban property, often mixed-use and with a retail focus, in cities and locations whose vibrancy will endure. We select high-quality assets and manage them vigorously. We treat our tenants, as well as our investors, as partners, building close and mutually beneficial relationships that draw on Grosvenor’s long experience in real estate. We work best with clients who, like Grosvenor, have a long-term view of investments while being alert to the potential of short-term opportunities to enhance returns. As at 31 December 2014, assets under management were £3.0bn with 59 investor partners in 21 property funds, club deals and separate account mandates.
Grosvenor Fund Management’s strategy is to acquire assets, often retail-led, in cities and urban locations that can be vigorously managed to add value for its stakeholders. In 2015, acquisitions included Skärholmen Centrum, the fourth largest shopping centre in Sweden, and a portfolio of four retail assets on London’s Kensington High Street on behalf of the new Urban Retail V fund.
Liverpool ONE was developed by Grosvenor Britain & Ireland and opened in 2008. The development was funded by and is now held by Grosvenor Liverpool Fund which is the vehicle for a number of significant institutional investors including Grosvenor Group.
Liverpool ONE comprises over 165 shops, more than 500 apartments, two hotels, 25 restaurants, a 14-screen Odeon cinema, 2,787sq m of offices, a revitalised five-acre park, 3000 car parking spaces and a public transport interchange. Since opening in 2008 the centre has acted as a catalyst for further regeneration projects in the city and has propelled Liverpool back up the retail rankings.
The highly complex project was opened during Liverpool’s year as European Capital of Culture. In all, some 30 new buildings were delivered, designed by more than 26 different architects. The development is an open streets design rather than a covered shopping centre. It has retained existing street patterns and blended much of the historic architecture into the modern high quality design that characterises Liverpool ONE.
The Grosvenor Group is dedicated to creating sustainable environments in which people want to work, shop, visit and relax, and is proud of the positive influence that Liverpool ONE has had on the surrounding area and its community. As evidence of its commitment to the region, in 2005 Grosvenor established the Liverpool ONE Foundation along with its private sector partners. This organisation assists small grassroots charities on Merseyside working to support children and young people, education and employability.