Westfield in Talks on Refinancing London Center, Times Reports

Westfield Group (WDC), an Australian shopping-mall company, is in advanced talks with banks to secure 545 million pounds ($890 million) of new debt to refinance its Stratford City development, in east London, the London-based Times reported, without saying where it got the information.

The company is negotiating with HSBC Holdings Plc (HSBA), Germany’s Eurohypo AG and Calyon, Credit Agricole SA (ACA)’s investment banking unit, the newspaper said.

The three banks will each provide a third of the total of senior debt, which will be secured against Stratford City’s retail element, the Times said.

In November, a 50 percent stake in the development, which will be Europe’s biggest shopping center when it opens in September, was sold to a joint venture of APG Algemene Pensioen Groep NV of the Netherlands and the Canada Pension Plan Investment Board; the venture is represented by Westfield in the refinancing talks, the newspaper said.

All the parties declined to comment, the newspaper said.

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