Aquila Finance has obtained a £144m seven-year loan from Aviva Investors secured against a portfolio of 12 assets in Chelmsford and Maldon.
The portfolio includes the Bond Street Shopping Centre in Chelmsford, a 300,000 sq ft retail and leisure scheme anchored by a 120,000 sq ft John Lewis store. Aquila has been developing the scheme for several years and opened the final phase in September 2016.
PGIM Real Estate provided a £16m mezzanine loan as part of the deal, having also provided development finance for the shopping centre in November 2014.
Gregor Bamert, head of real estate finance at Aviva Investors, said: “Aquila has a deep understanding of the Chelmsford market and has delivered a fantastic ground-up development which enhances the City’s retail offer.
“This transaction demonstrates Aviva Investors’ strong appetite across all sectors and we are delighted to commence a long-term relationship with a company that has created value throughout the development cycle.”