12 May 2016

Forsters advise on funding of shopping park

Forsters has acted on behalf of a fund managed by Aberdeen Asset Management (AAM) on the funding of Helical Retail's Cortonwood Shopping Park, near Rotherham. The maximum commitment is £36.5 million.

Ten of the eleven units comprised in the 80,000 sq ft retail and restaurant scheme have been pre-let off-plan. Tenants include Outfit, H&M, New Look, River Island and Marks and Spencer Simply Food.

Construction work commenced on site in early May and is due to complete in June 2017.

Robert Cass, head of UK property transactions at AAM said: "We are delighted to be funding this opportunity with Helical Retail who have a strong track record in delivering high quality schemes. The retailer line up attracted is testament to their confidence in the scheme and will build on the already very successful retail destination at Cortonwood."

Commercial Real Estate partner Ronan Ledwidge advised AAM, assisted by Denize Akbulut and Tina Heathcote, with Head of Construction, partner Sarah Cook, advising on the construction package, assisted by Emily Holdstock.

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