Our joint ventures and funds are each financed and interest rate managed separately, and without recourse to British Land for repayment. The debt has been arranged through securitisations or bank debt specifically according to the requirements of the business of each venture.
As at 30 September 2023, our share of the total debt of our joint ventures and funds was £1.5 billion of which £0.8 billion was accounted for by securitisations and the balance by bank debt.
Those debt arrangements which include loan to value ratio covenants have maximum levels ranging from 40% to 65%. Several have rental income to interest or debt service cover requirements. There is no obligation on British Land to remedy any of these covenants and any remedy would be considered by the parties on a case by case basis.