In a significant financial move, Ashby Capital has successfully refinanced two of its prominent retail parks, Morta and Westside, in a £50m deal with Deutsche Hypo.

Westside Retail Park, located in Guiseley, West Yorkshire, hosts 13 tenants, including major retailers like TK Maxx, Sports Direct, and Halfords. Acquired from British Land in 2019, the park has become a key shopping destination in the region.

Morta Shopping Park, situated in Swansea, offers an expansive 345,000 sq ft space dedicated to retail, leisure, and parking. Purchased from The Crown Estate in 2015, the centre is home to 19 tenants, including popular brands such as Argos, River Island, and Currys.

The three-year loan, which includes a capex facility, is fully secured against both retail parks, reflecting the confidence of both parties in the assets’ value and potential.

Charles-Etienne Lawrence, investment director at Ashby Capital, expressed satisfaction with the deal, highlighting the strength of the retail park portfolio. He noted the full occupancy and steady rental growth of the properties, emphasizing that the successful refinancing was achieved amidst challenging capital market conditions.

Chris Peel, a director at Deutsche Hypo, also spoke positively about the retail parks, praising their excellent locations and secure income streams.

The refinancing deal comes at a time when the retail sector faces broader challenges, yet it underscores the continued interest and investment in retail parks. It also marks a significant step for Ashby Capital in managing its assets and securing financial stability.

In addition to the refinancing, Ashby Capital continues to be active in other areas, including collaborations to create innovation hubs and leasing space in prime locations.

The £50m deal represents a strategic financial move for Ashby Capital and reinforces its position in the retail park sector, demonstrating resilience and adaptability in an ever-changing market landscape.