MUFG was co-ordinator, while HSBC was facility agent. Both banks are in the mandated lead arranger and bookrunner group alongside Bank of China, Barclays, BNP Paribas, Deutsche Bank, JP Morgan, Lloyds, Mizuho, National Westminster Bank, Santander and Wells Fargo.
Syndication “went smoothly”, according to an official in the banking group.
The funds, which can only be drawn on completion of the acquisition of shopping centre company Intu, will be used to repay Intu’s debt.
"This new facility supports our acquisition of Intu and is illustrative of the future refinancing opportunities in bringing Intu's secured debt structure onto Hammerson's unsecured debt platform,” said Richard Sharp, Hammerson group treasurer, in a statement.
Hammerson will pay 100bp over Libor if the facility is fully drawn, leading to interest payments of £23.4m annually.
The UK firm said earlier this month that Intu’s short term debt cost the company around £38.5m in interest each year.
Hammerson agreed to buy Intu for £3.4bn in December 2017, potentially making a pan-European retail property company with a market cap of £21bn.
But the acquisition plan could be derailed by a £5bn approach for Hammerson itself from French shopping centre company Klépierre early this week.
Klépierre’s proposal represented a premium of 40.7% over the closing price of Hammerson’s ordinary shares on March 16. It would have likely scuppered the Intu purchase.
However, Hammerson’s board was nonplussed with the offer, rejecting it within 24 hours with the acquisition target saying the offer “substantially” undervalued the company.
Klépierre offered to pay for Hammerson using half shares and half cash.