Overview
- The company appointed Oberon Capital and RetailBook to run the fundraising, aiming to raise £25.5m from retail and institutional investors with admission targeted for April 2026 on Aquis’s Real Asset Market.
- Sponsor Simon Waterfield will contribute the development land and business in exchange for £16.5m of shares, described as slightly below a Savills valuation.
- Funds are earmarked to pay down existing debt and to advance phase one, with additional mezzanine and senior debt expected around the time of listing.
- Phase one spans 182,500 sq ft and is about 66% pre-let to brands including Calvin Klein, Hugo Boss, Tommy Hilfiger, M&S, Wagamama, Pizza Express and Five Guys, supporting a projected GDV of £169m.
- Developers target a 2027 opening after repeated delays, highlighting the A1(M)/A66 location with roughly 29m passing vehicles annually and a one-hour catchment of about 4.5m people.