Leumi UK provides £18.2m loan to Magnetar for shopping centre portfolio
Leumi UK has completed a £18.2m senior term loan to US-based alternative asset manager Magnetar to support the acquisition of three retail assets.
The assets comprise the Rushes shopping centre in Loughborough, Vancouver Quarter shopping centre in King’s Lynn, Norfolk, and Kingsgate shopping centre in Dunfermline, Scotland.
The 117,000 sq ft Rushes shopping centre, anchored by Tesco, TK Maxx and Next, is owned by Highland Loughborough and managed by Waypoint Asset Management.
Leumi UK has completed a £18.2m senior term loan to US-based alternative asset manager Magnetar to support the acquisition of three retail assets.
The assets comprise the Rushes shopping centre in Loughborough, Vancouver Quarter shopping centre in King’s Lynn, Norfolk, and Kingsgate shopping centre in Dunfermline, Scotland.
The 117,000 sq ft Rushes shopping centre, anchored by Tesco, TK Maxx and Next, is owned by Highland Loughborough and managed by Waypoint Asset Management.
The Vancouver Quarter, covering more than 385,000 sq ft, is anchored by Sainsbury’s, TK Maxx and H&M. It is owned and managed by Vancouver GP in partnership with Waypoint Asset Management.
The Kingsgate Centre, spanning 372,000 sq ft and featuring 75 shops, is anchored by Marks & Spencer. It is owned and managed by Crosslands Properties in collaboration with Waypoint Asset Management.
Founded in 2005, Magnetar has approximately $18.6bn (£15.23bn) in assets under management as of September 30, 2024.
The firm is collaborating with Northdale Advisors, a specialist operating partner. Magnetar and Northdale previously partnered on the 2022 acquisition of Yate shopping centre, One Stop shopping Perry Barr, Corby Town Centre, and the Priory Centre in Dartford.
Aidan McKeown, portfolio manager at Magnetar said: “This acquisition is a further milestone in our strategy of investing in dominant, town centre retail destinations that cater to the everyday needs of their local communities.
“Each asset possesses strong fundamentals, including high occupancy rates, resilient income streams, and a diverse tenant base.”
Anya Stanislawczyk, portfolio director, at Leumi UK said: “This portfolio presented a highly compelling financing proposition, on account of each of the respective asset’s quality and dominance within their local catchment, in addition to the significant growth potential identified.”
