MDM Asset Management and Hana Securities have secured refinancing worth £90 million (€105 million/$113 million) for Gallagher Shopping Park — a prime-level shopping center in Birmingham, England.
CBRE advised the Korean group on the refinancing.
Gallagher Shopping Park, located northwest of Birmingham at Junction 9 of the M6 in Wednesbury, comprises more than 230,000 square feet of premium retail space and operates at 100 percent occupancy. The retail park was acquired from KKR in 2018 by a Korea Real Estate Fund sponsored by MDM Asset Management and with Hana Securities as the principal LP. The asset is managed by retail specialist Quadrant and is one of the West Midland’s dominant schemes.
Incumbent senior lenders pbb Deutsche Pfandbriefbank (pbb) and Aareal have also extended their existing financing for the asset, with AshbyCapital stepping in to provide a £20 million (€23 million/$25 million) mezzanine and capex facility; the total LTV ratio is un
