German lender pbb Deutsche Pfandbriefbank has provided a £41 mln (€56 mln) loan for the acquisition of the Drakehouse Retail Park in Sheffield by London-based Shariah-compliant investment advisors 90 North Real Estate Partners.
German lender pbb Deutsche Pfandbriefbank has provided a £41 mln (€56 mln) loan for the acquisition of the Drakehouse Retail Park in Sheffield by London-based Shariah-compliant investment advisors 90 North Real Estate Partners.
90 North bought the asset from UK REIT Hammerson for £61.7 mln (€86 mln) reflecting a net initial yield of 6.4%.
At 21,000 m2, Drakehouse is Sheffield’s largest retail park, located seven miles southeast of the city centre. The scheme is fully let and current tenants include Homebase, Currys, Wickes and B&M. In addition there is an 830 space car park.
90North was established by Philip Churchill and Nick Judd, specialists in Shariah-compliant investments, in 2011. The company, which says it offers clients 'independent, ethical and results-driven investment advice', has offices in London, Chicago and Kuala Lumpur. The investment portfolio spans the US, UK and Continental Europe.
Charles Balch, head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank, said: 'We are delighted to have concluded a further financing with 90 North and our first together in the UK.'
