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 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.