Westfield Stratford City Finance No.2 Plc: 01 August 2019
A re-financing of the earlier Westfield transaction, which closed in October 2014. The initial transaction was for £750mln on a floating rate basis. This new transaction is for the same amount, but on a fixed rate basis.
Westfield Stratford City is Europe's second largest urban retail and leisure destination and is situated in Stratford, London adjacent to the Queen Elizabeth Olympic Park. Westfield Stratford City opened in September 2011 and has just over 2 million sq. ft. of gross rentable area for retail, leisure and ancillary space. The occupancy rate as at the cut-off was 95.8% (NRA) and 94.8% (ERV). There were 288 tenancies and the WA lease term was 9.3 years.
The Borrower engaged Cushman & Wakefield Debenham Tie Leung Limited to carry out an independent valuation report of the Property as at 31 March 2019. The market value of the property was £2.755bln. The Stratford Valuation Report prepared as at 28 May 2014 reflected a Net Market Value of £1.955 billion.
EU Risk Retention: The Issuer is of the opinion that Article 6(1) of Regulation (EU) 2017/2402 (the Securitisation Regulation) does not apply to the Notes.
Compare/contrast: Westfield Stratford City Finance plc (Redeemed), INTU Metrocentre Finance plc (4.125% Dec 2028)