AshbyCapital has refinanced Morfa and Westside retail parks with a three-year, £50m loan facility provided by Deutsche Hypo. The deal replaces AshbyCapital’s existing facilities with the bank and provides a capex facility.
Morfa retail park (pictured) offers 345,000 sq ft of retail, leisure and parking in a prime location next to the Liberty Stadium, home to Swansea City Football Club and the Ospreys regional rugby team. AshbyCapital purchased the park from The Crown Estate in December 2015, and its 19 retail units are currently fully let.
AshbyCapital acquired Westside retail park in Guiseley, West Yorkshire, from British Land in February 2019. The fully let park comprises 120,000 sq ft of retail space across 13 units.
Charles-Etienne Lawrence, investment director at AshbyCapital, said: “This new loan facility is testament to the strength of our retail park portfolio, which is fully occupied and seeing steady rental growth. This, combined with our prudent approach to leverage made it possible to complete this successful refinancing in the midst of challenging capital markets conditions. This three-year facility will allow us to work through the next stage of the assets’ lifecycle, and we look forward to continuing to our close partnership with Deutsche Hypo.”
Chris Peel, director at Deutsche Hypo, added: “We’re pleased to continue our long-standing relationship with AshbyCapital with this refinancing for Westside and Morfa retail parks. Both retail parks benefit from excellent locations and strong covenants, with secure income streams.”
