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.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Aviva acquires Bristol redevelopment
20 October 2017 | Bristol | Reporter: Becky Butcher
Aviva Investors has purchased the first phase of a redevelopment business park in Bristol for £30 million
Coyote names Rob Bould as non-executive director
19 October 2017 | London | Reporter: Theo Andrew
Rob Bould, who has 40 years of real estate experience, will help grow the data platform, which will track, manage and report the performance of real estate assets in real-time
Hammerson expands flagship Parisian shopping centre
19 October 2017 | Paris | Reporter: Theo Andrew
The 11,000-square metre property adjoins its Les Trois Fontaines centre, the firm’s recently refurbished flagship asset in Paris
SELF II reaches €500 million on third close
19 October 2017 | Paris | Reporter: Theo Andrew
The pan-European debt fund achieved the equity through institutional investors from France, Germany and Italy
Encore+ adds Dutch office for €50 million
18 October 2017 | Eindhoven | Reporter: Theo Andrew
The the pan-European open ended core-plus fund is co-managed by Aviva Investors and LaSalle IM, as fund manager and asset and transition manager, respectively
LGIM Real Assets lands Stansted hotel for £48.3 million
17 October 2017 | London | Reporter: Theo Andrew
The development, which was completed in July 2017, is the second hotel to be located on-terminal at Stansted Airport
Deutsche AM closes €568 million pan-European fund
16 October 2017 | London | Reporter: Theo Andrew
The core fund will focus on income and capital growth across the larger European economies in sectors including office, retail and logistics