William Pears Group’s Telereal Trillium has refinanced £340m of debt in one of the biggest debt transactions this year.

German bank Eurohypo, Spanish bank Santander and the UK’s Barclays Bank and Lloyds Banking Group have agreed to refinance £340m of debt.

The banks are providing finance for one of property outsourcing company Telereal’s main contracts.

Eurohypo structured and arranged the deal alongside the three other banks and acted as facility agent.

Graham Edwards, Telereal Trillium CEO, said “We are very grateful to our banking partners for their support in concluding this transaction considering the challenging economic environment. This transaction assists us in continuing to provide best in class services to our clients.”

The deal is the final part of the refinancing following the £750m acquisition of Trillium by the William Pears family’s Telereal in January this year.

Telereal is now one of the Pears family’s main investment vehicles for property in the UK. It owns or manages around 86m sq ft and controls more than £4.5bn of assets.

Read the full story on Friday.