Reward Funding has completed a £1.6m facility to support the acquisition of Cheetham Hill Shopping Centre and fund the next phase of its regeneration after the borrower was let down by another lender at the eleventh hour.
The facility was provided to Pulse Property Services, led by entrepreneur Mohammed Baz, and covered acquisition and associated costs as well as supporting the continued transformation of the site.
Baz initially joined the shopping centre as a consultant, where he worked to increase footfall and reposition the asset as a viable retail destination. He later took on the head lease and invested further capital to improve the physical fabric of the centre and strengthen the tenant mix, driving a significant rise in occupancy.
Reward said it was able to move quickly to structure and complete the deal, citing the strength of the relationship with the introducing broker and its willingness to support retail-backed opportunities that many lenders now avoid.
PRAGMATIC APPROACH
Mohammed Baz (main picture, middle), owner and director of Pulse Property Services, says: “When the opportunity came up to purchase the shopping centre, I knew it was something I could not turn down.
“Reward understood both the asset and our long-term vision immediately and moved quickly to ensure the funding was secured and the deal could go through.
“Their pragmatic approach and willingness to structure a deal in this sector has allowed us to continue the regeneration of a centre that we have spent years rebuilding.”
TIME-CRITICAL OPPORTUNITIES
Martyn Evans (main picture, right), business development director for Reward Funding, adds: “This deal shows exactly why Plan Alternative exists. To back proven operators with time-critical opportunities.
“At a time when other lenders are cautious around the retail sector, we focus on the fundamentals of the business and the strength of the team behind it. Mohammad has demonstrated a clear ability to transform assets, and we’re incredibly proud to be supporting the next phase of growth.”
Bobby Paul (main picture, left), director at Abundant Finance, says: “It was great to work alongside Mohammed and the team at Reward to arrange this facility. Time and time again we see how Reward’s quick decision making and willingness to lend enable businesses such as Pulse Property to continue on a strong growth trajectory.”
