The security of cash flows from our prime properties and a robust financing structure contribute equally to British Land's strong financial position.
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 30 September 2023, the Group's balance sheet gross and net borrowings were £2.3 billion and £2.2 billion 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 £0.3bn gross and £0.3bn net which is non-recourse to British Land. The weighted average maturity of the Group's debt at the same date was 5.6 years.
Including our share of debt in joint ventures and funds which are neither wholly owned nor fully consolidated, gross and net borrowings were £3.5 billion and £3.2 billion 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 5.7 years.
We have £2.1bn of Unsecured Committed Facilities at attractive interest rates, which provide us with valuable and significant resources to finance our activities and invest in attractive value-creating opportunities.