Leumi UK provides £26.3m in financing to Magnetar for the acquisition of two UK retail assets
Posted: 18 Feb 2026 | Share
Specialist real estate lender Leumi UK has completed two loans worth £26.3m to Magnetar, a leading US-based alternative asset manager, for the acquisition of two retail assets in the North of England. The transactions represent the fourth and fifth deals completed by Leumi UK in support of Magnetar and Northdale Advisors’ (acting as operating partner) UK retail strategy, further strengthening the established relationship between the parties.
The first of these transactions is an £18.4m senior term loan facility for the acquisition of Kingsgate Shopping Centre, the dominant retail destination in the heart of Huddersfield, West Yorkshire. Comprising over 280,000 sq ft of fully enclosed retail accommodation, the centre is anchored by The Light leisure complex, JD Sports, Boots and TK Maxx. Currently 94% occupied, the asset generates an annual footfall of around 4.7 million.
The second deal is a £7.9m senior term loan facility for the acquisition of Stanley Square, an open-air retail and leisure destination located in the centre of Sale, Greater Manchester. The scheme is 97% let and anchored by essential and convenience-led occupiers including Boots, Home Bargains and PureGym.
Both Huddersfield and Sale have benefited from significant regeneration initiatives in recent years. Huddersfield town centre is the focus of a long-term investment programme, underpinned by more than £1bn of public and private funding targeting transport infrastructure, leisure amenities and public realm improvements including a £7m capex investment into the Light unit at Kingsgate. Kingsgate is well positioned to capitalise on this transformation given its proximity to the University of Huddersfield and the town’s principal transport hubs. Sale has also undergone significant regeneration since 2019 with new public realm and shopfronts, along with the addition of Classrooms, a serviced office concept on the first floor of the scheme, reinforcing its position as one of Greater Manchester’s most desirable suburban locations and a key commuter hub for Manchester city centre.
Aidan McKeown, Portfolio Manager at Magnetar, said, “We are pleased to again partner with the team at Leumi UK, which has demonstrated a strong understanding of the retail sector and a dedication to finding tailored solutions. These acquisitions complement Magnetar’s existing UK retail portfolio, as both assets are high-occupancy, dominant centres with strong operating fundamentals and a stable, diversified tenant base driving consistent and predictable cash flows.”
Jon Taylor, Partner at Northdale Advisors, said, “The Huddersfield and Sale assets are very attractively located and benefit from a strong tenant mix. With our planned asset management initiatives – alongside recent regeneration works locally – we expect both retail destinations to thrive.”
Anya Stanislawczyk, Relationship Director at Leumi UK, said: “These transactions further demonstrate our ongoing commitment to building trusted, long-term relationships with our sponsors, while working closely with them to find financing solutions that enable them to achieve their objectives. Backed by dominant town-centre positions, diversified income streams and Magnetar and Northdale’s hands-on approach to asset management, both assets are well positioned to deliver resilient income and long-term value.”