Travers Smith LLP has advised AshbyCapital (Ashby), a real estate investment advisor, on the refinancing of a debt facility provided by Deutsche Hypo, secured over Morfa Shopping Park (Morfa).
Morfa is one of the premier shopping locations in south west Wales. It is located 1.5 miles to the north of Swansea city centre and directly adjacent to the Liberty Stadium, which is the home ground for Swansea City Football Club and the Ospreys regional rugby team, as well as a major venue for conferences and events. Ashby acquired Morfa from The Crown Estate in 2015. Shortly after the acquisition, Ashby put in place the original facility with Deutsche Hypo to finance improvements to the site including the expansion of one of the units to provide a new c. 50,000 sq. ft store for existing tenant Next, which opened in summer 2016.
Ashby is a property investment advisory business focusing on high-quality assets in locations with strong prospects for long-term growth. It is one of the most active investors in the UK with a growing portfolio of property investments across various sectors, totalling in excess of £1.7 billion.
The Travers Smith team was led by Senior Counsel Jamie Parish and Head of Real Estate Finance Danny Peel with support from Associate Alastair Lowson and Trainee Katy Lavall-Smith. Head of Real Estate Simon Rutman and Senior Associate Tony Dosanjh advised on related real estate matters.
Charles-Etienne Lawrence, Ashby’s Investment Director, said: "We are pleased that Deutsche Hypo has once again shown its continued long-term confidence in this asset. Morfa's tenants include essential retailers such as Morrisons and B&Q which have remained open throughout the pandemic. With its full range of high street shops and restaurants, we are highly optimistic that when restrictions are eased, Morfa will continue to be the premier retail destination in the area."
Travers Smith’s Head of Real Estate Finance Danny Peel added: "We are delighted to have had this opportunity to work with Ashby on the refinancing of this dominant and well-let retail park. Ashby's commitment to identifying strong investments in key locations has meant that Morfa continues to display its potential in what has been an incredibly challenging year for the wider retail sector."