Leumi UK lends Magnetar £18.3m for triple retail park acquisition
Specialist real estate lender Leumi UK has completed an £18.26m senior term loan to Magnetar to help fund the purchase of a trio of retail parks.
Magnetar has acquired Kingsgate Shopping Centre in Dunfermline, Vancouver Quarter in King’s Lynn, and The Rushes Shopping Centre in Loughborough alongside its operating partner Northdale Advisors.
The acquisition was first reported in December.
Founded in 2005, Magnetar is an experienced US-based alternative asset manager with approximately $18.6bn (£1.51bn) in assets under management as of 30 September 2024. The group has previously worked with Northdale on the 2022 purchase of Yate Shopping Centre, One Stop Shopping in Perry Barr, Corby Town Centre and the Priory Centre, Dartford.
Aidan McKeown, portfolio manager at Magnetar, said: “This acquisition is a further milestone in our strategy of investing in dominant, town-centre retail destinations that cater to the everyday needs of their local communities. Each asset possesses strong fundamentals, including high occupancy rates, resilient income streams, and a diverse tenant base. We are grateful for the continued support from Leumi UK, whose sector expertise and flexibility were instrumental in enabling us to efficiently formulate a sound business plan for this investment.”
Anya Stanislawczyk, portfolio director at Leumi UK, added: “This portfolio presented a highly compelling financing proposition, on account of each of the respective asset’s quality and dominance within their local catchment, in addition to the significant growth potential identified. It’s always a privilege to have the opportunity to work with a repeat client, and Magnetar has a track record of successful execution which we are proud to support. Furthermore, this deal highlights our confidence in the resilience and long-term value of essential, convenience-led retail assets across the UK.”
Lunson Mitchenall advised the vendor. KLM Real Estate advised Northdale.