Co-operative Bank refinances Ladysmith shopping centre
Published: 15 November, 2010
The Co-operative Bank has provided a loan of £36m to refinance the Ladysmith shopping centre in Greater Manchester.
The refinancing allows the centre in Ashton-under-Lyne to continue to be owned and managed by property fund manager Lathe Investments on behalf of Redleaf VI Property Unit Trust.
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.”
Ladysmith shopping centre was built in the 1960s. Lathe Investments acquired the centre in 2005 and implemented a wide range of improvements such as reopening a multi-storey car park, reconfiguring space to accommodate more retail units, installing LED advertising screens and improving entrances. The centre is now home to 50 retail units and seven kiosks. Tenants include Topshop, Boots, Peacocks, Timpsons, Greggs and First Choice.
The Bank was advised by Mace and Jones solicitors.
