Westbrooke Alternative Asset Management UK has provided a senior debt facility to reconfigure and refinance the Grade II listed, Dockside Outlet Centre, Chatham. Westbrooke’s 36-month facility includes capex funding to introduce an indoor climbing facility to the dockside site, alongside the fit-out of a number of waterside units in preparation for incoming tenants.
The large, regional retail asset holds a history of high occupancy, retains high footfall and has been actively managed over the past decade by the Borrower. Westbrooke, working closely with debt advisor Five Fields Finance, were able to solve the borrower’s debt needs, which included adding various layers of flexibility that were crucial to the borrower being able to execute their plan over the next 18 months.
“The Dockside Outlet Centre houses a multisector tenant base, including healthcare, childcare, and public sector elements alongside its retail majority. The asset’s tenant base has been well managed throughout the Borrower’s 11 years of ownership, and has adapted to the major changes in retail over the past decade. Retail is an extremely high-touch asset class and supporting strong partners is of utmost importance to Westbrooke with a loan of this nature.” – Harry Newall
“We’re happy to announce our recent collaboration with Westbrooke as a debt funding partner for the Dockside Outlet Centre in Chatham. The centre has a strong track record with historical occupancy reflecting its high demand. The team at Westbrooke were receptive to understanding the story behind the asset, which is key to understanding the retail centre’s potential.” – Peter Everest
Get in touch with Westbrooke’s UK Real Estate Debt team here: https://bit.ly/3YSZYyB
