MAGNETAR SECURES £38M LOAN FOR TOWN CENTRE RETAIL PURCHASES
08th February 2023![Pb - Aerial](https://bloom-digital.s3.eu-west-2.amazonaws.com/sovereign-centros/wp-content/uploads/2023/02/08145438/PB-Aerial-.jpg)
One Stop Shopping in Perry Barr is a 382,856 sq ft shopping centre and retail park. Corby Town Centre & Willow Place (pictured) measures 667,121 sq ft across a town centre shopping area, retail park, a sixth-form college, office space and homes.
Tenants at both locations mainly specialise in essential and convenience-led retail, and include M&S, Argos, Home Bargains, TK Maxx, Pure Gym, KFC, Nike and JD Sports.
Northdale Asset Management is Magnetar’s operating partner for the locations. The businesses previously partnered on the 2022 purchase of Yate Shopping Centre in Gloucestershire.
Gez O’Sullivan, relationship director at Leumi UK, said: “Together with its operating partner, Northdale, Magnetar has been astute in selecting well-located retail centres with a robust tenant mix.
“The retail sector is facing a distinct set of challenges, which requires lenders take some caution, but the value-led and essential nature of these centres’ established tenants in this instance will prove a powerful hedge against macroeconomic headwinds.”
Aidan McKeown, portfolio manager at Magnetar, said: “Leumi UK has again demonstrated their customer-first approach and sectoral expertise throughout this transaction, and we’re excited to deepen our partnership with them on these two assets.
“Both centres have an attractive range of well-performing and resilient tenants serving the wider community. We look forward to exploring opportunities to further strengthen that and add value to the centres over the medium term.”