Funding boost for firm behind Asian wedding-focussed shopping complex in East London
The London property firm behind Europe’s first shopping centre catering for the Asian wedding market has secured an eight-figure investment.
ACR Investments Limited will use a £17.3m loan from Metro Bank to restructure its existing finance and release equity within its business.
The company operates East Shopping Centre in Newham, East London, where it hosts a lineup of retailers geared towards the Asian wedding market.
The site on Green Street was previously a derelict bus garage. It lay unused for more than 60 years, but ACR acquired it in 2012 and finished building its shopping centre in 2015.
Bob Popat, director at ACR Investments, said: “In this current climate, a supportive finance partner that understands how best to navigate the sector is hard to find, but Metro Bank’s real estate finance team has been supportive from the very start.”
Mark Stokes, managing director of commercial banking at Metro Bank, commented: “ACR Investments has developed and successfully managed the shopping centre since its completion, and I’m delighted that they felt Metro Bank was the right bank for this project.
“Our team were able to provide a tailored approach coupled with in-depth industry expertise, which meant we were able to provide ACR Investments with the support they needed throughout the process.”