Grosvenor has signed a syndicated £1.1 billion dual-tranche unsecured multi-currency revolving credit facility (“RCF”). The RCF can be used for general corporate purposes and provides medium term committed back-up liquidity for the Group. It replaces and centralises existing undrawn bilateral loan facilities.

The RCF incorporates sustainability mechanics to reflect Grosvenor’s commitment to providing lasting social benefit to the communities in which we operate, which includes minimising our environmental footprint. Specific metrics and targets will be developed and incorporated within the next 12 months.

The Group has previously committed to achieving net-zero carbon operational emissions from all our directly managed buildings globally by 2030, and to work towards all buildings, directly and indirectly managed, being embodied and operationally ‘net zero’ across our portfolio by 2050.

We have benefitted from the strong support of our banking group, with NatWest, Santander and SMBC Bank International plc as Facility Co-ordinators & Bookrunners of the transaction and Bank of China Limited, London Branch, The Bank of East Asia Limited, London Branch, The Bank of Nova Scotia, BNP Paribas, Capital One NA, Crédit Industriel et Commercial, DBS Bank Ltd., London Branch and Société Générale as Mandated Lead Arrangers.

Robert Davis, Grosvenor’s Group Finance Director 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”.