£36 million loan to refinance Maltings Shopping Centre
- Credit: Boultbee LDN
A multi-million pound cash injection has been given to St Albans' Maltings Shopping Centre.
A £36 million loan has been secured by owners Boultbee LDN to refinance the centre with UK non-bank lender Unbranded Finance in conjunction with Westbrook Partners.
The loan was advanced within six weeks from agreement of terms and commencement of due diligence.
Andrew Smith, co-founder of Unbranded Finance, said: “It was a pleasure to work with the team at Boultbee LDN on this transaction, which was completed within the timescales set by the borrower. 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. We are excited to have partnered with Westbrook on this transaction, a relationship we look forward to building upon.”
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Steve Boultbee-Brooks, chairman of Boultbee LDN, added: “Extraordinary events call for the most extraordinary professionals. Despite being in the middle of a pandemic and a harsh trading environment, The Maltings continues to buck the trend with a steady recovery.
“Unbranded Finance and Westbrook demonstrated an experienced, professional and pragmatic attitude to getting things done. I am most pleased to have worked with both companies to achieve this result in a short period of time.
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Simon Hosking, co-founder and managing director of Boultbee LDN, added: "We have been a key stakeholder in St Albans, having owned the Maltings for over 17 years. We are most committed to the long-term development of the centre with a long-standing forward-thinking, proactive approach to the property.
"The Maltings, through the retailers, office occupiers and other commercial accommodation provides employment to many people in the area. It is the leading shopping centre in the city and continues to buck trends with a steady recovery following the pandemic, currently trading at 97 per cent occupancy.
"Securing this loan will help us to implement our future-proofing strategy for the centre and enable us to enhance the asset further, for the benefit of the local economy."
"We are extremely excited about the future of the centre and look forward to sharing our plans to improving The Maltings experience."
The Maltings has recently secured a lease with Sports Direct to occupy vacant premises on the site.