Peel Land and Property Group explained that the cash was part of a divisional restructure, to help it with the “strategic management” of its investment property portfolio.
The division’s property interests are valued at around £2bn and include a major shareholding in Intu Properties, to which it sold a share of the Trafford Centre, and the Lowry Outlet.
Elsewhere, Peel has interests in Liverpool John Lennon Airport and a major share of the Pinewood Group.
“We are very pleased to have secured this facility, courtesy of RBS,” stated James Chadwick, group treasurer, Peel Land and Property.
“It gives Peel Land and Property the flexibility to manage its broad range of assets in the most effective way possible.
“The arrangement also builds on our long-standing commercial relationship with RBS, which we regard as an important strategic partnership for the Group.”