PEEL Land and Property has struck a deal to extend a £200m debt facility to 2040.
The existing facility, placed with institutional investors, was due to expire next year.
Peel has also negotiated a reduction in the interest rate it pays from 9.87% to 8.375% and secured an agreement that allows the property group to raise an additional £50m.
The subsidiary is the part of Peel Holdings that includes former docks on the River Mersey. Peel also owns the Trafford Centre, Salford Quays and the Manchester Ship Canal.
Known as Liverpool Waters and Wirral Waters, Peel is planning a huge redevelopment of former docks on both sides of the River Mersey.
The regeneration schemes are expected to take several decades to complete.
In a statement at an extraordinary general meeting yesterday, the company said: “Peel is a long-term investor and considers it appropriate to have long- term funding to match its long-term assets.”
