Lloyds Bank Commercial Real Estate has provided a £10.25 million (€11.6 million) investment loan to finance the acquisition of the Stadium Plaza leisure development next to the Welsh national stadium.
The five-year loan has been provided to Naissance Capital Real Estate, an independent asset manager based between London and the Middle East.
The 50 percent loan-to-value facility supports Naissance’s £20.5 million off-market acquisition of the property from a private fund in June. The 132,000-square-foot scheme sits close to Legal & General’s planned £400 million Central Square development and is next to the Principality Stadium, formerly known as the Millennium Stadium.
Cinema operator Vue and bar and live venue Bierkeller are among Stadium Plaza’s long-term tenants.
The investment loan is the first deal between Lloyds and Naissance. The firm has invested in Wales previously, buying the House of Fraser department store building in Cardiff on behalf of its private clients in 2016.
“Cardiff is experiencing significant levels of new investment and development, specifically in the area around the Principality Stadium. This is an excellent asset, which we plan to enhance and retain on a long-term basis. Lloyds Bank’s support was pivotal to our ability to make this acquisition, which has strengthened our portfolio and will create long-term value for our clients,” said Azeemeh Zaheer, CEO of Naissance Capital Real Estate.