Gallagher Shopping Park
Comprising retail warehouse and ancillary restaurant accommodation, Gallagher Shopping Park has a strong mix of high-profile tenants and a catchment population of 2.8 million people within a 30 minute drivetime. It is located in a regionally dominant location adjacent to Junction 9 of the M6 motorway and an IKEA.
| Location: | Wednesbury, Birmingham |
|---|---|
| Size: | 230,000 sq ft |
| No. of Tenants: | 21 |
| Mezzanine loan completed: | December 2023 |
| Loan amount: | £20 million |
Gallagher Shopping Park
Following the establishment of the portfolio's debt platform in early 2023, the debut loan deal completed in 2023. This was part of a combined £90 million of loan facility to refinance Gallagher Shopping Park owned by Korean firms MDM Asset Management and Hana Securities. The financing was provided alongside German lenders PBB Deutsche Pfandbriefbank and Aareal Bank. We underwrote the mezzanine portion of the loan, providing up to £20 million for 2.5 years at a fixed rate, while the incumbent lenders PBB and Aareal provided the senior loan. In total, the debt represented a loan-to-value of around 70%. Quadrant Estates acts as asset manager for the park.
