Leumi UK provides €31m for UK retail assets purchase

Specialist real estate lender Leumi UK has provided £26.3 mln (€30.9 mln) in financing to US alternative asset manager Magnetar.

Sale, Greater Manchester

The financing will be used for the acquisition of two retail properties in northern England. These transactions mark the fourth and fifth deals between Leumi UK and Magnetar (with Northdale Advisors serving as operating partner), supporting their UK retail investment strategy.
The first transaction involves an £18.4 mln (€21.6 mln) senior term loan for the purchase of Kingsgate Shopping Centre in Huddersfield, West Yorkshire. This dominant retail hub in the town centre spans over 26,013 m2 of enclosed retail space and is anchored by The Light leisure complex, JD Sports, Boots, and TK Maxx. With a current occupancy rate of 94%, the centre attracts approximately 4.7 million visitors annually.
The second deal is a £7.9 mln (€9.3 mln) senior term loan for the acquisition of Stanley Square in Sale, Greater Manchester. This open-air retail and leisure destination is 97% let and features essential and convenience-focused tenants like Boots, Home Bargains, and PureGym.
Both Huddersfield and Sale have recently benefited from substantial regeneration efforts. Huddersfield's town centre is undergoing a long-term investment program, backed by over £1 bn (€1.2 bn) in public and private funding, aimed at improving transport, leisure facilities, and public spaces, including a £7 mln (€8.2 mln) capital expenditure investment into The Light unit at Kingsgate. Kingsgate is well-positioned to leverage this transformation due to its proximity to the University of Huddersfield and major transport links.
Since 2019, Sale has also seen significant regeneration, including new public spaces, renovated shopfronts, and the addition of Classrooms, a serviced office concept, reinforcing its status as a highly desirable suburban location and a key commuter hub for Manchester city centre.
Aidan McKeown, portfolio manager at Magnetar, said: “These acquisitions complement Magnetar’s existing UK retail portfolio, as both assets are high-occupancy, dominant centres with strong operating fundamentals and a stable, diversified tenant base driving consistent and predictable cash flows.”
Anya Stanislawczyk, relationship director at Leumi UK, added: “Backed by dominant town-centre positions, diversified income streams and Magnetar and Northdale’s hands-on approach to asset management, both assets are well positioned to deliver resilient income and long-term value.”