Property Week – 90 North SPV secures £41m funding for retail park acquisition
An SPV under 90 North Real Estate Partners has secured a £41m loan facility to finance the acquisition of the Drakehouse Retail Park in Sheffield.
The transaction for the retail park, which is Sheffield’s largest, completed in April 2015.
It is fully occupied by tenants including Homebase, B&M Retail, Wickes, JD Sports, Currys, Harveys, Halfords, Pets at Home, Sports Direct, Carpetright and others.
Charles Balch, head of real estate finance international, UK and CEE at Pbb Deutsche Pfandbriefbank, said: “This financing further demonstrates our appetite to finance assets across the UK.”
Matthew Hills, 90 North partner and head of its UK operations, said: “With a diversified household name tenant line-up Drakehouse is an important retail facility that serves a large catchment within one of the UK’s largest cities.”
Article from Property Week