Investment manager AshbyCapital has refinanced two retail parks with a £50m, three-year loan from Deutsche Hypo.
Deutsche Hypo was the incumbent funding partner for Morfa and Westside retail parks, which are located in South Wales and West Yorkshire respectively and both fully let. The new deal replaces AshbyCapital’s existing facilities with the bank and provides a capex facility.
Westside Shopping is a prime retail park in Guiseley. It comprises 120,000 sq ft of retail space across 13 stores. AshbyCapital bought the retail park from British Land in 2019.
Morfa Shopping, in South Wales, contains 345,000 sq ft of retail, leisure and parking space next to the Swansea.com Stadium. It includes 19 stores. AshbyCapital acquired the property from the Crown Estate in 2015.
Charles-Etienne Lawrence, investment director at AshbyCapital, said: “This new loan facility is 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 markets conditions. This three-year facility will allow us to work through the next stage of the assets’ lifecycle, and we look forward to continuing our close partnership with Deutsche Hypo.”
Chris Peel, director at Deutsche Hypo, said: “Both retail parks benefit from excellent locations and strong covenants, with secure income streams.”
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