03 August 2017
California
Reporter: Theo Andrew

Westwood secures grocery-anchored retail portfolio for $171 million


Westwood Financial has acquired a portfolio of 13 multi-tenant retail centres after securing two loans totalling $171 million.

Nationwide Life Insurance provided a $94 million fixed-rate loan for the refinancing and acquisition of seven retail centres.

An additional loan was secured for $77 million, with a correspondent life insurance company, for a further six assets.

The new portfolio totals more than a million square feet, including nine grocery-anchored assets, in Arizona, California, Florida, Georgia, Illinois, North Carolina and Texas.

The financing follows a $1.2 billion consolidation and reorganisation programme by Westwood Financial in September 2016.

According to the retail asset manager, the loans will help to strengthen the programme in order to achieve the best debt executions and generate capital for growth.

HFF helped to secure the loans on behalf of Westwood Financial.

Kevin MacKenzie, senior managing director at HFF, said: “Closing two more highly flexible portfolio loans with major life insurance companies is another significant milestone for Westwood Financial.”

He added: “They continue to build an excellent relationship with these lenders, amongst others, progressing in their goal of strategic growth, building out their portfolio with high-quality assets and getting the most optimal capital structure in place.”

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