Boultbee secures £36m loan for St Albans shopping centre

Developer Boultbee LDN has obtained a £36m loan facility from non-bank lender Unbranded Finance and investment manager Westbrook Partners, to refinance The Maltings Shopping Centre in St Albans.  The two-year facility was advanced within six weeks from agreement of terms and commencement of due diligence. The six-acre Maltings site comprises 300,000 sq ft of retail, office and other commercial accommodation let to around 100 occupiers, including TK Maxx, Wilko and H&M, plus 31 long-leasehold homes and an 800-space car parking operation. Andrew Smith, co-founder of Unbranded Finance, said: “A large amount of due diligence was undertaken within a relatively short period of time, and so all credit to the teams on both sides.   “The Maltings is a key retail asset which has been extremely resilient during the pandemic and has significant potential for value-add over the coming months.” Smith added that Unbranded Finance aims to build upon its relationship with Westbrook.  Steve Boultbee-Brooks, chairman of Boultbee LDN, said: “Despite being in the middle of a pandemic and a harsh trading environment, The Maltings continues to buck the trend with a steady recovery trading at 98% occupancy.” To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews Image courtesy of PR