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RBS backs UK retail with £62m for JP Morgan

The Royal Bank of Scotland has provided a £62.2m loan to JP Morgan Asset Management for its purchase Brookfield Shopping Park in Hertfordshire. The facility, which reflects a loan-to-value of 65% on the £95m purchase price, will also be used to refurbish the retail centre in Cheshunt.

The Royal Bank of Scotland has provided a £62.2m loan to JP Morgan Asset Management for its purchase Brookfield Shopping Park in Hertfordshire.

The facility, which reflects a loan-to-value of 65% on the £95m purchase price, will also be used to refurbish the retail centre in Cheshunt.

Brookfield Shopping Park at Cheshunt, Hertfordshire
Brookfield Shopping Park at Cheshunt, Hertfordshire

JP Morgan bough the asset from Standard Life in July. Standard Life has been selling assets in its £800 million UK Retail Park trust after almost half its investors voted earlier this year to exit the vehicle. It is also selling Central Six Shopping Park in the West Midlands.

The 93,000 sq ft Brookfield Shopping Park has eight tenants including Argos, Boots, Next, New Look and River Island.

JP Morgan bought the asset through its Global Real Assets fund which has $82bn in assets under management.

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