Debt

The security of cash flows from our prime properties and a robust financing structure contribute equally to British Land's strong financial position.

Security of cash flows from prime properties

Our prime assets generate secure long-term contracted rental income. We benefit from the combination of high occupancy rates across our portfolio (at {NUM|PORTLET%} overall) and long average lease lengths of {NUM|AVELEASE} years to first break.

Robust financing structure

The Group has a robust financing structure. We raise debt from a variety of sources and with a spread of maturities both to provide significant and secure long-term financing for the Group's activities and to mitigate risk. We also have substantial committed undrawn facilities.

As at {NUM|Current Date}, the Group's balance sheet gross and net borrowings were £{NUM|GROSSDBT} million and £{NUM|NETDBT} million respectively. The majority of those borrowings are with recourse to British Land for repayment and are either additionally secured by specific assets or are unsecured. Included within the Group’s gross and net borrowings is the debt of our Subsidiary Hercules Unit Trust at £{NUM|HUTDBTGRSS}m gross and £{NUM|HUTDBTNET}m net which is non-recourse to British Land. The weighted average maturity of the Group's debt at the same date was {NUM|WADEBTMAT-GRPHUT} years.

Including our share of debt in joint ventures and funds which are neither wholly owned nor fully consolidated, gross and net borrowings were £{NUM|PROPGROSSDBT} million and £{NUM|PROPNETDBT} million at the same date. These joint ventures and funds borrowings are non-recourse to British Land and are in "ring-fenced" structures. The weighted average maturity, including our share of debt in funds and joint ventures was {NUM|WADEBTMAT} years.

We have £{NUM|COMFAC-UNDRAWN-GRPO-BN} billion of committed unsecured undrawn facilities at attractive interest rates, which provide us with valuable and significant resources to finance our activities and invest in attractive value-creating opportunities.

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