Real estate funding specialist, ASK Partners (ASK), has provided a £31m senior loan facility to UK-based investment and development firm, BYM Capital.
BYM Capital, a commercial and residential investor and developer, has used the facility to acquire the Treaty Centre, a freehold shopping centre in Hounslow.
The centre is part two and part three storey and includes a multi-storey car park, on a site measuring over six acres.
The 330,000 sqft of retail units formerly included Debenhams as its anchor tenant; remaining large national retailers include Next and H&M.
The site is exceptionally well located, just 11 miles south west of central London and only two miles from Heathrow Airport.
The Treaty Centre is a dominant retail offering in Hounslow which has recorded a footfall of approximately 10 million customers per year.
Hounslow is currently undergoing some significant regeneration projects including a Barratt London scheme which is in its final phases and comprises residential accommodation and a 10-screen cinema surrounding a new public square, situated just north of the Treaty Centre. BYM Capital also plans to look at the scope for redeveloping the site.
Elliot Blatt, investment manager at ASK, said: “Following the success of the Spires shopping centre transaction with BYM Capital in January, we were delighted to provide further financing to the company for this Hounslow site.
“The retail sector has been significantly impacted by the pandemic but this site, given its location and size, has exceptional redevelopment potential underpinning the asset’s value.”
