FINANCE: Orchard Street Investment Management has agreed a £47.8m, five-year term loan with Deutsche Pfandbriefbank.
The loan is secured against St Andrew’s Quay Retail Park, Hull, a property that Orchard Street bought in September for £95.6m from Threadneedle investments. The purchase reflects a net initial yield of 6.1%.
The 327,000 sq ft retail park’s tenants include Halfords, Curry’s, DFS and Pets at Home.
Orchard Street bought the park on behalf of the Orchard Street UK Prime Property Partnership.
Philip Gadsden, managing partner at Orchard Street, said: “Pbb’s experience in the sector and flexible approach has enabled us to arrange a debt structure that complements our business plan, rather than dictate it.”
Orchard Street currently has £4bn of real estate assets under management.
