New deal struck as shoppers flock to Braehead
The owner of Braehead Shopping Centre has announced a new financial deal as it reported high reopening footfall.
SGS said terms have been agreed on a long-term financial restructuring, including new funding to support future investment.
The company said it demonstrates strong lender support, and the continued attraction of physical retail and leisure destinations, despite the disruption caused by the pandemic. It comes as the centre revealed strong figures from reopening.
The 1.1 million sq ft Braehead reopened on April 26 and footfall was 113 per cent of 2019 levels for the equivalent period of the first two weeks after that.
SGS said Braehead’s performance outstripped its three shopping centres south of the border, including Lakeside, Atria Watford, and the Victoria Centre, which recorded footfalls at 75 per cent of 2019 equivalent levels.
Steve Gray, head of European retail asset management at Global Mutual, said:“The agreement of a long-term financial restructuring and new funding with our lenders is a defining moment for our four shopping centres. Thanks to funding certainty and a stable capital structure we can now focus on delivering our three-year business plan and exit strategy with renewed confidence.
“I am also very pleased to report a strong operational performance across our centres despite the sustained headwinds caused by Covid-19, with further improvements expected as restrictions ease.
“Despite transitioning to new ownership and management in the midst of a global pandemic - that has posed undoubtedly the greatest challenge to our sector in recent memory - I am proud to say we have delivered on what we set out to do only a few short months ago.”