Ashby Capital secures £50m retail park refinancing
Ashby Capital has refinanced two of its retail parks in a £50m deal with existing lender Deutsche Hypo.
The three-year loan, which includes a capex facility, is secured against the Morta and Westside retail parks, both of which are fully let. Westside Retail Park was acquired from British Land in 2019. Located in Guiseley, West Yorkshire, the park is home to 13 tenants, including TK Maxx, Sports Direct and Halfords.
Morta Shopping Park is in Swansea and provides 345,000 sq ft of retail, leisure and parking. It was purchased from The Crown Estate in 2015. The centre, located next to the Liberty Stadium, is let to 19 tenants including Argos, River Island and Currys.
Charles-Etienne Lawrence, investment director at Ashby Capital, 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 to our close partnership with Deutsche Hypo."
Chris Peel, director at Deutsche Hypo, added: "Both retail parks benefit from excellent locations and strong covenants, with secure income streams."
Ashby Capital recently struck a deal with the flexible workspace provider, Plus X Innovation, to create an innovation hub at The Future Works in Slough. It also owns The Kensington Building alongside London developer Janson Urban, where it has leased space to llex Capital.