ICG Longbow has contributed equity as well as debt to M&M’s purchase of the Ropewalk Shopping Centre in Nuneaton, Warwickshire.
The equity and debt helped to finance the £24m acquisition of the 205,000 sq ft shopping centre from Nama, along with the adjoining retail block at 32/36 Queen’s Road.
Longbow’s fourth whole loan and subordinated debt fund is understood to be able to deploy single-digit percentages of equity into deals at the discretion of the fund managers.
This is the first investment in a joint venture for the two companies.
Irwin Mitchell’s real estate partner, Rupert Dowdell, who advised on the deal, said: “M&M and Longbow are committed to building up a shopping centre portfolio and we are pleased to be advising them on this first purchase. Further acquisitions for the fund will be sought.”
