Deutsche Hypo – NORD/LB Real Estate Finance has provided debt finance of c. €96,5m for three retail parks for AshbyCapital, the private equity real estate firm. The term of the loan for Abbotsinch Retail Park, Westside Retail Park and Morfa Retail Park is three years. All three properties are fully let.
Abbotsinch Retail Park is located in Glasgow and extends over 24,619m2. The property is fully let to 14 tenants, including furniture and homeware retailers, and has 1,098 parking spaces. With excellent transport links, the retail park is characterized by its prominent location and is considered to be Scotland’s strongest furniture and bulky goods park.
The second property is the Westside Retail Park in Guiseley, with 11,245m2 of retail space. The 13 units range from homeware and fashion to electronics. The retail park stands out for its excellent location, with bus and train stations close by. It is also easy to reach by car with 513 parking spaces.
Morfa Retail Park is the premier retail park in Swansea with a site area of 23,819m2. The 18 units are let to a mix of fashion, electronics, and bulky goods retailers, as well as restaurant operators. The retail park offers 1,042 parking spaces and has excellent connections to public transport. The property is also adjacent to the Swansea.com Stadium.
AshbyCapital acquired Morfa Retail Park in 2015; it acquired Westside Retail Park and Abbotsinch Retail Park in 2019. Quadrant, the independent UK real estate asset management and development company, is the asset manager for all three parks.
Richard Day, Managing Director at Laurus Property Partners, who acted as debt broker for the financing, said “We were very pleased to work with AshbyCapital and with Deutsche Hypo on this transaction. 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, said: "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, said: “It’s great to be expanding our relationship with Deutsche Hypo who have been excellent and reliable partners to our business. 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."
Image provided by Deutsche Hypo.
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