American asset manager refinances £38m for two UK retail schemes

9th February 2023 | Jack Oliver

US-based asset manager Magnetar has acquired a £38m loan from property lender Luemi as it looks to refinance the acquisitions of two town centre shopping schemes.

Magnetar plans to refinance the purchases of One Stop Shopping in Perry Barr, near Birmingham, a 382,856 sq ft shopping centre and retail park, as well as Corby Town Centre & Willow Place, Northamptonshire.

The Corby scheme measures a total of 667,121 sq ft across the town centre, a retail park, office space, residential units, and a yet-to-open sixth form college.

Both schemes boast a mixture of tenants, playing host to some major national retailers including M&S, Argos, Home Bargains, TK Maxx, KFC, Nike and JD Sports.

Magnetar has partnered with Northdale Asset Management, who have experience in various sectors of real estate. The two firms reunite after having previously teamed up to purchase Yate Retail Shopping Centre in Gloucester in 2022.

Gez O’Sullivan, relationship director at Leumi UK, said: “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.”


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