BLT Properties – the joint venture between Tesco and British Land has confirmed it has refinanced its superstores portfolio.

A new £185 million loan facility, running for a seven year period, has been supplied by the London branch of the Bavarian state bank Bayern LB which was used to repay the company’s existing bank loan.

Tesco and British Land have also resigned contracts to continue with the joint venture for another ten years.

This is the second time the two parties have renewed the deal since its establishment in 1996 – the second being in 2003.

BLT owns a portfolio of eight Tesco supermarkets and one Retail Park, which is home to a major Tesco store.

The venture is one of five joint partnerships between British Land and Tesco which holds property valued at £1.8 billion.

As at 0930 hrs, British Land was trading broadly flat after the announcement at 531.5 pence while Tesco was down slightly by 0.5 per cent at 406.9 pence.