M7 Capital has provided a £7.4m loan to David Samuel Properties to support the purchase of Bouverie Place shopping centre in Folkestone, Kent.
The loan, which was provided by M7 Capital’s UK debt fund TREC II, is secured against the circa 260,300 sq ft centre, which is 100% let to a mix of national brands, including TK Maxx and Asda.
It is the sixth loan M7 Capital has provided David Samuels Properties, which owns a diverse mix of assets in England, Scotland, Wales and Northern Ireland.
Hugh Fraser, chief executive officer of M7 Capital, said: “This loan is secured against a high footfall shopping centre in Kent, with a strong occupier mix creating an attractive retail and grocery offering. David Samuel Properties has a significant track record in the value-add space with a proactive approach to asset management, and we are pleased to be supporting this acquisition and growing our activity with them.”
Andrew Berkeley, managing director of David Samuel Properties, added: “We are delighted to completed on this purchase and to have successfully concluded another transaction with M7. As always, we are grateful to the M7 team and our finance broker, GDP Funding, for their professionalism thought the transaction and look forward to expanding our relationship on future deals.”
