Ladysmith Shopping Centre refinanced
THE owner of the Ladysmith Shopping Centre in Ashton-under-Lyne has managed to refinance its existing mortgage on the property, with the Co-Operative Bank providing a new £36m loan.
The refinancing will allow fund manager Lathe Investments, which manages the property on behalf of the Redleaf VI Property fund, to continue its ownership of the centre, which counts retailers JD Sports, Boots, Greggs and Dorothy Perkins among its tenants. One of its newest tenant is pawnbroker Mays (unit pictured).
Phil Basten, head of property finance at The Co-operative Bank, said: “Our investment shows we have confidence in the owner’s ability to manage the Centre, its trading prospects and the local economy. Ashton will benefit from the Metrolink extension and this should provide an economic boost to the town.
“The deal shows that unlike other banks, we are lending, happy to consider schemes that offer strong cash flows and keen to support existing and well-regarded clients such as Lathe Investments.”
Richard Tanner, finance director of Lathe Investments, said: “We are delighted to have completed this refinancing with The Co-operative Bank and we are grateful for their continuing support.”
Lathe Investments acquired the Ladysmith Shopping Centre in 2005 and has since implemented a range of improvements, such as reopening a multi-storey car park, reconfiguring space to add more retail units, installing LED advertising screens and improving entrances.
The bank was advised on the deal by law firm Mace and Jones.
