Property investment company AshbyCapital has refinanced two of its retail parks with a three-year, £50 mln (€58 mln) loan facility provided by Deutsche Hypo.
Deutsche Hypo previously financed the Morfa and Westside retail parks, both of which are fully leased.
Acquired by AshbyCapital from British Land in February 2019, Westside Shopping is a retail park in Guiseley, one of West Yorkshire’s most affluent areas. Comprising 11,148 m2 of prime retail space, it includes 13 retail and leisure units, offering customers convenient shopping, dining, and drinking options.
Morfa Shopping is South Wales’ premier retail park, with 32,051 m2 of retail, leisure and parking on a prime location adjacent to the Liberty Stadium, home of Swansea City Football Club and regional rugby team Ospreys. Acquired by AshbyCapital from The Crown Estate in December 2015 for £83.5 mln (€97.7 mln), the retail park consists of 19 retail units.
Charles-Etienne Lawrence, investment director at AshbyCapital, said: ‘This new loan facility is testament to the strength of our retail park portfolio, which is fully occupied and seeing steady rental growth. This, combined with our prudent approach to leverage made it possible to complete this successful refinancing in the midst of challenging capital markets conditions. This three-year facility will allow us to work through the next stage of the assets’ lifecycle, and we look forward to continuing to our close partnership with Deutsche Hypo.’
Chris Peel, director at Deutsche Hypo, commented: ‘We’re pleased to continue our long-standing relationship with AshbyCapital with this refinancing for Westside and Morfa retail parks. Both retail parks benefit from excellent locations and strong covenants, with secure income streams.’
