Leumi UK has provided £26.3 million in financing to support Magnetar’s acquisition of two retail properties in northern England, marking the fourth and fifth transactions between the lender and the investment firm.
The financing comprises an £18.4 million senior term loan for Kingsgate Shopping Centre in Huddersfield and a £7.9 million facility for Stanley Square in Sale, Greater Manchester.
Huddersfield acquisition
Kingsgate Shopping Centre is a fully enclosed retail scheme covering more than 280,000 sq ft. The centre is 94% occupied and generates annual footfall of approximately 4.7 million visitors. Anchor tenants include The Light cinema, JD Sports, Boots and TK Maxx.
Huddersfield town centre is currently undergoing regeneration supported by over £1 billion in public and private funding focused on transport infrastructure, leisure facilities and public realm improvements. The Light cinema unit at Kingsgate is receiving a £7 million capital expenditure investment.
Sale property details
Stanley Square is an open-air retail and leisure scheme in Sale town centre with 97% occupancy. Key tenants include Boots, Home Bargains and PureGym. The location has undergone regeneration since 2019, including public space upgrades and the introduction of Classrooms, a serviced office concept.
Aidan McKeown, portfolio manager at Magnetar, said the acquisitions complement the firm’s existing UK retail portfolio. Jon Taylor, partner at Northdale Advisors, which is working with Magnetar on the assets, referenced planned asset management initiatives alongside local regeneration works.
Anya Stanislawczyk, relationship director at Leumi UK, described the transactions as demonstrating the lender’s commitment to long-term relationships with sponsors.
The deals continue Magnetar’s investment strategy in UK retail assets, focusing on properties with high occupancy rates and diversified tenant bases in town centre locations.
