On 23 March 2005 agreement was reached with Land Securities Trillium to restructure the lease agreement covering the White City site to secure the desired refinancing benefits for the BBC. The restructuring of the lease has allowed the project to access the bond markets at a considerably lower financing cost than that provided by LST. The BBC purchased LST's interest in the White City site for a net £321.5 million. It then granted a long lease to a separate company for £323.5 million while retaining the freehold. The separate company then funded its purchase of the lease from the BBC by the issue of a 30 year bond. The BBC agreed to rent the site from the separate company at a predetermined rent.
The net cost reduction to the BBC is £63 million in today's money over the 30-year term, with a short-term cash flow benefit of £50 million in respect of a two-year rent-free period at the start. The bond securitisation deal has been short listed for "securitisation deal of the year" by the Association of Corporate Treasurers.