Aviva Investors, the global asset manager business of Aviva plc, has agreed a £33.5 million, 5-year, fixed and floating rate loan with AshbyCapital to finance Abbotsinch Retail Park in Paisley, near Glasgow.
The 265,000 sq. ft retail park is fully let to 14 tenants including B&Q, Wren, ScS, Dunelm, Natuzzi, Tapi and Oak Furnitureland, with an on-site Frankie & Benny’s providing a restaurant offering for shoppers. The scheme also includes 1,098 car parking spaces.
Gregor Bamert, Head of Real Estate Finance at Aviva Investors, said “We are delighted to expand upon our existing partnership with AshbyCapital. Despite a challenging retail environment, this deal demonstrates our ability to selectively provide flexibly structured financing for strong cashflow generating assets. This transaction represents Aviva Investors’ ability to offer a range of solutions across Real Assets for our partners in order to deliver stable returns for our clients matching investor appetite with borrower requirements.”
Charles-Etienne Lawrence, Investment Director at AshbyCapital, said “While the retail sector in general is a difficult environment, we believe that carefully selected, high-quality retail parks in strong and convenient locations continue to be attractive investment opportunities. This loan is a vote of confidence from Aviva Investors in our ability to select the best assets and deliver optimum value from them, and we are pleased to be working with them again.”
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