M&G Investments has provided £140m (€197m) of debt on a UK shopping centre.

The refinancing facility on the Liberty Shopping Centre in Essex has been structured as a whole loan, with M&G funds holding the debt.

As well as the five-year facility, borrower Cosgrave Property has also taken a £13m loan for a partial redevelopment it has planned for the centre.

Tenants include BHS, Topshop, H&M, Next and Boots.

Dan Riches, director of real estate finance at M&G Investments, said: “Institutional investors are interested in real estate debt as an attractive alternative to bonds as it offers a good relative value for secured risk.

“The Liberty Shopping Centre is a prime retail pitch and has attracted leading tenants who provide stable income.

“The active management of the centre and potential partial redevelopment will enable it to continue attracting leading retailers with strong leases.”