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Revitalising places and property
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A complex restructuring, entailing the application of Directors’ financing and restructuring skills.
This high grade asset had been over-leveraged by the previous owner with the total debt secured against it significantly exceeding its value. In addition, the former owner had committed to a long term swap instrument with a negative value of circa £25m. The Lenders therefore sought to achieve a change of control to our Directors to facilitate a professional management team and more profitable financing package.
We consensually negotiated a complex refinancing of the Asset with its three Lenders, which achieved a change of ownership to our Directors. The refinancing optimises recovery for the Lenders.
Vixcroft acquired the Nicholsons Centre in March 2015. The centre stands on the site of the Nicholsons Brewery, which closed in 1960. The Centre comprises 200,000 sq ft and was developed in phases between then and 1995 and is anchored by a 792 space car park .It comprises the most important retail element in Maidenhead.
In January 2015, Vixcroft acquired the Weston-super-Mare Unit Trust, a JPUT which owns The Sovereign Centre, a 118,000 sq ft, enclosed Centre supported by car parking for 876 vehicles. The Centre comprises the principal shopping destination for Weston-super-Mare. It was originally opened in 1992.
Rivatalisation of Tenant Mix helps increase footfall in Burton
In May 2014, Vixcroft acquired the Octagon, a centre of 13,550 m² (145,846 square feet) originally constructed in 1990 and occupying a site of 4.412 hectares (10.9 acres), incorporating 770 surface parks spaces, anchored by Asda (55,000 square feet) and TK Maxx (24,000 square feet). The mall comprises 40 unit shops and connects the car park to New Street and the town’s other Centre, Coopers Square. Annual footfall at purchase was 4.5 million and has now increased to 4.9 million.