Real estate investment firm AshbyCapital secured an £82.4 mln (€98 mln) loan from Deutsche Hypo – Nord/LB Real Estate Finance to finance three of their retail parks.

Abbotsinch

Abbotsinch

The loan covers Abbotsinch Retail Park (Glasgow), Westside Retail Park (Guiseley), and Morfa Retail Park (Swansea) for a term of three years. All three parks are fully let.

Abbotsinch Retail Park in Scotland boasts 24,619 m2 of space fully occupied by 14 tenants, including furniture and homeware stores, with accessible transportation links and ample parking (1,098 spaces).

Located in Guiseley, Westside Retail Park offers 11,251 m2 of space with 13 units catering to various needs like homeware, fashion, and electronics. It is easily accessible by car (513 parking spaces) and public transport.

Morfa Retail Park in Swansea offers 23,815 m2 of space with 18 units occupied by a mix of retailers (fashion, electronics, bulky goods) and restaurants. Features include public transport connections, ample parking (1,042 spaces), and proximity to the Swansea.com Stadium.

Richard Day, managing director at Laurus Property Partners, who acted as debt broker for the financing, said: ‘The strength of the portfolio together with Ashby’s market standing meant we were able to create significant competitive tension, but Deutsche Hypo was exemplary in the transparency and efficiency of its execution. We look forward to working with AshbyCapital and Deutsche Hypo again.’

Chris Peel, senior director at Deutsche Hypo - NORD/LB Real Estate Finance, added: ‘These retail parks are characterised by strong occupancy, stable incomes, and optimal connections to local and long-distance transport giving a large customer base. We are delighted about the successful cooperation with AshbyCapital and Laurus Property Partners to close this financing transaction.’

Charles-Etienne Lawrence, investment director at AshbyCapital, commented: ‘This successful refinancing is a testament to the fact the capital markets are still liquid and well-functioning for strong assets and well capitalised sponsors.’

AshbyCapital acquired Morfa Retail Park in 2015 and added Westside Retail Park and Abbotsinch Retail Park to its portfolio in 2019.

UK real estate asset manager and developer Quadrant acts as asset manager for all three parks.