German lender BayernLB has provided a new EUR 219 mln loan facility to BLT Properties, a property joint venture between retail giant Tesco and UK REIT British Land. The seven-year facility from the bank's London office will be used to repay BLT's existing bank loan.

BLT now owns a portfolio of eight Tesco superstores and one retail park anchored by a Tesco superstore. It is one of five joint ventures between British Land and Tesco which together hold properties valued at £1.8 bn.

In conjunction with the refinancing, the joint venture was extended for a further 10 years. This is the second renewal after the joint venture was established in 1996. The first renewal was in 2003.