The £1.5bn Hercules Unit Trust, which is managed by British Land and Schroders, has proposed to pay its bondholders early as part of a wider financial restructuring that could see more than £100m injected by a new overseas investor.

Hercules, which invests in retail warehousing, is in talks with an investor about providing new capital. It wants the money to undertake the early repayment of £300m of a £800m securitised debt facility, and to increase its ability to exploit market opportunities through acquisitions.