Capital & Regional and Oaktree Capital Management are looking to refinance Kingfisher shopping centre in Redditch, Worcestershire.
The deal, set to be valued at £123m, is close to the £130m the partners paid for the 900,000 sq ft centre in 2012.
At the end of last year it was valued at £160.5m, meaning the landlords are looking for debt representing a loan-to-value of close to 75%.
The duo has added 35,000 sq ft of shopping and leisure space to the centre.
Royal Bank of Scotland and Santander are favourites to roll the debt over ahead of a syndication of part or all of the loan after completion.
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