The new facility, which was secured at an initial margin of 90 basis points, has a maturity of five years – with an option to extend up to seven – and will refinance an existing £175m RCF maturing in April 2018.

RBS, Wells Fargo Bank, BNP Paribas, First Commercial Bank, IBC (London) and J.P Morgan served as mandated lead arrangers and bookrunners for the deal.

Timon Drakesmith, chief financial officer of Hammerson, said: "This new credit facility is the latest milestone in our journey to reduce Hammerson's cost of debt by refinancing in an attractive funding environment.

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“I am particularly delighted to welcome five new banks into our relationship group and appreciate the support from major institutions from Asia, US and Europe."

Hammerson owns 50% of the Birmingham Bullring

Hammerson’s existing facility will now be cancelled, resulting in a net increase of £185m of available bank facilities and bringing the company’s total to £1.2bn.

The deal is the latest in a string of transactions by Hammerson, following a £400m private placement funded in January and the extension of two RCFs worth £420m and £415m by one year earlier this month.

Established in 1942, Hammerson owns, manages and develops shopping centres and retail parks across Europe.

The company is currently responsible or jointly responsible for retail destinations such as London’s Brent Cross, the Birmingham Bullring (pictured above) and Centrale in Croydon.