“These transactions further demonstrate our ongoing commitment to building trusted, long-term relationships with our sponsors, while working closely with them to find financing solutions that enable them to achieve their objectives”
– Anya Stanislawczyk – Leumi UK.
Leumi UK has announced that it has completed two loans totalling £26.3m to Magnetar to support the acquisition of two retail assets in the North of England. The deals mark the fourth and fifth transactions Leumi UK has completed in support of Magnetar and Northdale Advisors as part of their UK retail strategy.
The first transaction is an £18.4m senior term loan facility for the acquisition of Kingsgate Shopping Centre in Huddersfield. The fully enclosed scheme provides more than 280,000 sq ft of retail space and is anchored by The Light, JD Sports, Boots and TK Maxx. The centre is 94% occupied and generates an annual footfall of around 4.7 million.
The second facility is a £7.9m senior term loan for the acquisition of Stanley Square, an open-air retail and leisure destination in the centre of Sale (pictured). The scheme is 97% let and anchored by convenience and essential retailers, including Boots, Home Bargains and PureGym.
Both locations have benefited from extensive regeneration programmes in recent years. Huddersfield town centre is undergoing a long-term investment strategy supported by more than £1bn of public and private funding aimed at transport infrastructure, leisure facilities and public realm improvements. This includes a £7m capital expenditure investment into The Light unit at Kingsgate.
Kingsgate’s position close to the University of Huddersfield and the town’s main transport hubs places it well to benefit from these changes. Sale has also seen sustained regeneration since 2019, with upgrades to public spaces and shopfronts, alongside the introduction of Classrooms, a serviced office concept on the first floor of the scheme. These developments have reinforced Sale’s position as one of Greater Manchester’s most desirable suburban centres and an important commuter hub for Manchester city centre.
“We are pleased to again partner with the team at Leumi UK, which has demonstrated a strong understanding of the retail sector and a dedication to finding tailored solutions,” said Aidan McKeown, portfolio manager at Magnetar. “These acquisitions complement Magnetar’s existing UK retail portfolio, as both assets are high-occupancy, dominant centres with strong operating fundamentals and a stable, diversified tenant base driving consistent and predictable cash flows.”
“The Huddersfield and Sale assets are very attractively located and benefit from a strong tenant mix,” said Jon Taylor, partner at Northdale Advisors. “With our planned asset management initiatives – alongside recent regeneration works locally – we expect both retail destinations to thrive.”
“These transactions further demonstrate our ongoing commitment to building trusted, long-term relationships with our sponsors, while working closely with them to find financing solutions that enable them to achieve their objectives,” said Anya Stanislawczyk, relationship director at Leumi UK.
“Backed by dominant town-centre positions, diversified income streams and Magnetar and Northdale’s hands-on approach to asset management, both assets are well positioned to deliver resilient income and long-term value.”
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