Commercial property giant Grosvenor has refinanced a £552 million section of its £1.1 billion revolving credit facility (RCF).

Grosvenor said it will “further enhance the organisation’s capacity to respond to opportunities, shifts in the markets and other priorities such as the business’ global commitment to decarbonise its activities in line with science-based targets”.

The latest transaction means that the full £1.1 billion RCF has been refinanced in the past year, securing Grosvenor’s medium-term committed back-up liquidity “to support its international urban property business”.

Despite variations in local markets, Grosvenor said its international urban property business has “performed positively” in the first half of the year. 

The company owns huge tracts of land in London’s West End, as well as internationally and operates key locations such as the hugely successful Liverpool One mall.

Across the London portfolio, excluding strategic voids, occupancy reached a post pandemic high of over 97% at the end of H1, but with office occupancy performing particularly strongly, rising to 99%. So retail was clearly a little less strong.

Noting Grosvenor’s refinancing had extended its committed liquidity on attractive terms, CFO Robert Davis added: “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.”  

The detailed terms of the facility were not disclosed.