Ashby Capital has completed c. €58.6m of refinancing for two retail parks. The refinancing deal comes at a time when the retail sector faces broader challenges, yet it underscores the continued interest and investment in retail parks. The two parks are let to Deutsche Hypo.
The three-year loan includes a capital expenditure facility and is secured against the fully-let Morfa Shopping Park and Westside Retail Park.
Morfa Shopping Park in Swansea was purchased from The Crown Estate in 2015 supporting c. 32,052m2 of retail, leisure, and parking space. Tenants in the scheme included Argos, River Island, and Currys.
Westside Retail Park in Guiseley, north of Leeds, was acquired in 2019 from British Land. The c. 11,148m2 park hosts tenants including TK Maxx, Sports Direct, and Halfords.
Charles-Etienne Lawrence, investment director at Ashby Capital, said: “This new loan facility is a 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 market conditions. This three-year facility will allow us to work through the next stage of the asset’s lifecycle, and we look forward to continuing our close partnership with Deutsche Hypo.”
