M&G lends £285m on prime London retail

M&G has provided a £285m loan to Trophaeum Asset Management for a portfolio of prime retail assets in central London. The loan has been secured against a Gucci store at 144/146 New Bond Street, W1, and a significant portion of retail and residential assets on St Johns Wood High Street, NW8. M&G said the deal reflected a rebound in investor confidence in London’s prime retail markets and a continued recovery in valuations. Dan Riches, head of real estate finance at M&G Real Estate, said: “London remains a top shop-till-you-drop destination for tourists and the prime retail real estate market is benefitting from a strong rebound as luxury brands bag desirable spots on some of the world’s most famous destination shopping streets.”