TIAA has provided a 拢165m (鈧�194.2m) loan to UK retail property specialist Capital & Regional.
Capital & Regional announced the facility as it confirmed the refinancing of 拢372.5m of debt on five shopping-centre assets.
TIAA鈥檚 拢165m loan has a 10-year term with a one-year extension option.
Capital & Regional chief executive Hugh Scott-Barrett said the refinancing provided the group with 鈥渢he security of long-term funding, while also taking advantage of the historic low level of current interest rates鈥�.
He added: 鈥淚t also diversifies the sources and maturities of our debt and increases the quantum to fund future capex efficiently at the asset level whilst maintaining significant flexibility for asset recycling.鈥�
The group has drawn 拢362.5m of the total 拢372.5m package, which also includes a seven-year loan for 拢107.5m from Wells Fargo.
A 拢100m, five-year facility with two one-year extension options was provided by The Royal Bank of Scotland.
Interest on the new facilities has been fixed, Capital & Regional said, with an overall blended rate of 3.27%.
