// Unibail seeks £750m refinancing plan for Westfield Stratford
// HSBC & BNP Paribas have been appointed to explore the refinancing
Westfield parent company Unibail has appointed HSBC and BNP Paribas to explore a potential £750 million refinancing of Westfield Stratford.
The shopping centre was last refinanced in 2014 by Deutsche Bank and Credit Agricole, who then securitised the loan.
The 2014 CMBS, which expires in November, was priced at 86 basis points over three-month LIBOR, towards the lower end of the 85 to 90 basis points pricing guidance from Deutsche Bank and Credit Agricole.
During this time, Westfield was valued at £1.96 billion, and the loan-to-value ratio on the deal was over 38 per cent.
Meanwhile, refinancing can be challenging in today’s retail climate compared to 2014, though Westfield Stratford remains confident as it is currently one of the top shopping centres in the UK.
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