ASK Partners has handed £31m to BYM Capital to buy the Treaty Centre mall in Hounslow, west London.
The investor and developer tapped the real estate funding specialist for a senior loan facility to help it buy the six-acre site, which includes 330,000 sq ft of shopping space.
The centre is part two- and part three-storey and includes a multi-storey carpark. Tenants include Next and H&M, while Debenhams was formerly its anchor tenant.
BYM said it was looking at plans to redevelop the site, connecting it with nearby projects including Barratt’s transformation of the High Street Quarter, situated just north of the Treaty Centre.
The loan is ASK’s second with BYM. In January it handed over £21m to buy the Spires shopping centre in Barnett, north London.
Elliot Blatt, investment manager at ASK, said: “Following the success of the Spires shopping centre transaction with BYM Capital in January, we were delighted to provide further financing to the company for this Hounslow site. The retail sector has been significantly impacted by the pandemic but this site, given its location and size, has exceptional redevelopment potential underpinning the asset’s value.”
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