Grosvenor refinances green syndicated loan

Grosvenor has refinanced a £552m tranche of a £1.1bn green syndicated loan. The original loan was struck in 2021, with its costs linked to sustainability metrics and the proceeds earmarked for general corporate work and acquisitions.  The deal means that the entirety of the unsecured multi-currency revolving credit facility has now been refinanced over the past year. Grosvenor chief financial officer Robert Davis said: “We are pleased to have refinanced this facility during a period of supportive loan and financial markets, extending our committed liquidity on attractive terms. “Enhancing the flexibility of our balance sheet and continuing to diversify our portfolio enables us to not only see through challenging times, and provide resilient returns, but also to take advantage of opportunities across the global real estate market.”  NatWest, Santander and SMBC acted as facility co-ordinators and bookrunners, with Bank of China, Bank of East Asia, Bank of Nova Scotia, BNP Paribas, Crédit Industriel et Commercial, DBS Bank and Royal Bank of Canada as mandated lead arrangers. Capital One, an arranger on the 2021 loan, did not return. Image © Shutterstock