Funding secures shopping centre future

A Manchester retail complex has secured fresh funding to support its acquisition and ongoing regeneration.

Reward Funding provided a £1.6 million facility to enable Pulse Property Services to acquire Cheetham Hill Shopping Centre and drive the next phase of its transformation.

Pulse is led by entrepreneur Mohammed Baz, who previously worked with the centre as a consultant before taking on the head lease and investing in improvements. 

Under his stewardship, footfall and occupancy have increased, alongside upgrades to the building and tenant mix.

Mohammed said: “When the opportunity came up to purchase the shopping centre, I knew it was something I could not turn down. 

“Reward understood both the asset and our long-term vision immediately and moved quickly to ensure the funding was secured and the deal could go through.

“Their pragmatic approach and willingness to structure a deal in this sector has allowed us to continue the regeneration of a centre that we have spent years rebuilding.”

The transaction was completed at pace after another lender withdrew late in the process.

Reward structured funding to cover the acquisition and associated costs, ensuring the deal could proceed without delay. 

Martyn Evans, business development director for Reward Funding, added: “This deal shows exactly why Plan Alternative exists. 

“To back proven operators with time-critical opportunities. 

“At a time when other lenders are cautious around the retail sector, we focus on the fundamentals of the business and the strength of the team behind it. 

“Mohammad has demonstrated a clear ability to transform assets, and we’re incredibly proud to be supporting the next phase of growth.”

Bobby Paul, director at Abundant Finance, added: “It was great to work alongside Mohammed and the team at Reward to arrange this facility. 

“Time and time again we see how Reward’s quick decision making and willingness to lend enable businesses such as Pulse Property to continue on a strong growth trajectory.”

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