OakNorth Bank completes £20.5M loan to Axis Retail Partners to support its maiden shopping centre acquisition

  • Formed in 2018 following a partnership between Generali Investment Holding and entrepreneurs, Florencio Beccar and Toby Smith, Axis Retail Partners is a leading advisory boutique specialising in European retail investments;
  • With c.€525M of assets under management (AUM), the firm has a strong track record of managing retail assets across several geographies, risk spectrums and property sectors;
  • The capital will support the acquisition of St George’s Shopping Centre in Harrow from RDI REIT, on behalf of three of LaSalle Global Partner Solutions’ pension fund clients;
  • Located on Harrow’s affluent high-street, the shopping centre totals 215,000 sq. ft. including 32 retail units and 669 parking spaces, and has an annual footfall of c.9M customers.

OakNorth, the UK bank for entrepreneurs, by entrepreneurs, has provided Axis Retail Partners – a leading advisory boutique specialising in European retail investments – with a £20.5M business loan to support its maiden shopping centre acquisition. Formed in 2018 following a partnership between Generali Investment Holding and entrepreneurs, Florencio Beccar and Toby Smith, the firm has an AUM of c.€525M and a strong industry reputation of managing retail assets across several geographies, risk spectrums and property sectors.

The capital will support the acquisition of St George’s Shopping Centre from RDI REIT, on behalf of three of LaSalle Global Partner Solutions’ pension fund clients. The shopping centre, located on Harrow’s popular and affluent high-street, totals 215,000 sq. ft., including 32 retail units and 669 parking spaces, and has an annual footfall of c.9M customers. Refurbished in 2015 and benefitting from excellent transport links by car, train and underground, St George’s focuses on offering shoppers convenience and value retail, with occupiers including household brands such as: TK Maxx, Boots, Wilkos, H&M, Nandos and Pizza Express, situated alongside a 12-screen Vue cinema.

Toby Smith, CIO of Axis Retail Partners, commented on the transaction: “We are very pleased with having been able to execute our first UK deal. We have been active in the UK market for almost two years and believe that now is the right time to start investing as the market starts to recover from Covid-19, which continues to be the ultimate stress test to the sector. We are focusing on assets which are relevant retail destinations and that have a demonstrated track record of strong performance, a rebased rental level and offer an attractive income yield to our clients. Given this was our first shopping centre acquisition, we were in need of not just bank, but a trusted lending partner who we could depend on to understand our business and structure a bespoke facility around our specific needs. Eamonn and the team at OakNorth Bank did just that, completing the entire transaction in under three weeks since first contact. They offered a level of flexibility we’ve not seen before from previous lenders, and we greatly appreciated the open and transparent nature of their approach, as well as the ability to talk directly to the decision makers.”

Eamonn O’Rourke, Director of Property Finance at OakNorth Bank, added: “It’s impossible not to be impressed with Axis Retail Partners’ growth journey to date. Over the past two decades, its team has been exposed to the growth and professionalisation of the real estate investment management industry, resulting in a client offer that combines specialist industry knowledge, cutting edge technology and outstanding quality of customer service. As the retail sector continues to recover and re-open following the pandemic, we’re keen to do more to support businesses operating in this space, and we’re delighted to have been able to support such a well-renowned and established firm. Given St George’s occupancy is currently full and is home to some of the biggest brands in the UK, we have no doubt this will be the first of many successful acquisitions for Axis and we look forward to watching their growth story going forward.”

ENDS

Notes to editors

About OakNorth Bank plc

Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.

Since its launch, the bank has:

  • Lent over £7B, directly helping with the creation of 27,600 new jobs and 22,300 new homes across the UK.
  • Raised deposits from c.160,000 savers.
  • Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.

It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

Contact

Tom Pavey-Smith, Associate Director of Growth & Communications at OakNorth – tom.pavey-smith@oaknorth.co.uk / 0791 716 5588

 

You may also be interested in

OakNorth Bank provides £35.6M loan to Bruntwood SciTech to acquire and redevelop Glasgow’s Met Tower, the city’s new tech and digital hub

Read more

OakNorth Bank, Hilltop Credit Partners, and MCAP Global Finance provide £33M loan to develop 213 new affordable homes in Worcester city centre

Read more

OakNorth Bank completes £40M loan to Zetland Capital to acquire and expand pub portfolio operated by Portobello Starboard

Read more

Subscribe to OakNorth news

Keep up to date with OakNorth's business loan products and other news via email by filling out the below.