Property lender Leumi UK has agreed a £30m loan to refinance a shopping centre and retail park in Yate, South Gloucestershire.
Yate Retail Shopping Centre and Riverside Retail Park are home to a range of major national brands including Tesco, M&S, TK Maxx, Next, Superdrug, Pets at Home, Poundland, Total Fuels, Lloyds Bank, McDonalds and Home Bargains.
According to Leumi UK, due to its location and "varied selection of stores", the site's long-term high occupancy and "strong performance track record" positions it well to withstand the challenges of the current economic landscape.
The lender said there was "every expectation" the shopping centre would continue to form part of the town centre.
Gez O'Sullivan, relationship director at Leumi UK , said: “This deal provides an excellent opportunity to work with an experienced asset manager in the retail sector.
"Yate Retail Shopping Centre has proved itself to be a pillar of the local community and a robust economic generator over the past two years. We’re pleased to be supporting the Yate Shopping centre and the wider community as it no doubt continues its strong trajectory of positive growth.”
Tim Williams of Northdale Asset Management, an operating partner of financial sponsor Magnetar Capital, said it would ensure retail opportunities continued to develop as the community around Yate expanded.
"Yate has proved itself over multiple years as a resilient convenience shopping destination with robust tenant and customer demand," he said. “It was a pleasure to work with Leumi UK on this transaction. Leumi’s highly capable and experienced team had strong commercial understanding of our strategy and executed the transaction smoothly and quickly."
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