Terrace Hill has completed a £27.45m refinancing of its 129 Wilton Road office development in London’s Victoria.

The investment facility, with Alliance & Leicester, replaces the previous development funding provided by Hypo Real Estate.

It means Terrace Hill now has a loan to value covenant of 50% on the 66,000 sq ft building.

Terrace Hill also said it means it has been able to take advantage of the reduction in medium-term interest rates.

More than 22,000 sq ft of the development is occupied with three of eight floors let to energy company E.ON.