Hana Financial Investments acquired the park via a real estate fund managed by Korea Asset Investment Management (KAIM) and the loan reflects an LTV of just over 60%. The local asset management will continue to be provided by Quadrant Estates The transaction closed in July. PBB already lent on this asset when it was acquired in 2014 by Quadrant Estates and a further partner. CoStar News revealed in July that Quadrant Estates and KKR had sold the 230,000 sq ft Gallagher Retail Park at junction 9 of the M6 - for a 5.2% yield – to a Korean real estate fund managed by Korean asset manager KAIM and capitalised by Korean institutional giant Hana. It is one of the largest Asian acquisitions yet seen in the UK regions and the first Korean acquisition of a retail park. Christopher Daniel, Founding Partner of Quadrant Estates, said: “PBB were highly supportive of our original purchase and repositioning of the Park with KKR and it has been great to continue our relationship with them and our new co-investor.” Charles Balch, Head of Real Estate Finance International, UK & CEE at PBB Deutsche Pfandbriefbank, said: ““pbb is delighted to continue to lend on this asset with Quadrant Estates as the continued local asset manager. We are very pleased to have won Hana Financial Investments as a new international client.” Quadrant Estates and KKR acquired the property in three phases between September and December 2014 for a combined price of around £123m. They have since undertaken a £17m repositioning that has increased the net operating income from £6.5m to £9.6m pa. That included amalgamating three car parks into one and developing four restaurant units let to tenants include Nando's, Costa and Smash Burger. They also secured a surrender of PC World's lease and carved the unit up and let it to tenants including Tapi and Oak Furniture Land. They downsized the Curries in phase two and relet the residual space to M&S and Bensons. The park includes 230,000 sq ft of retail and A3 floorspace and a further 128,000 sq ft of mezzanine floorspace. The car park has recently been amalgamated and graded to provide approximately 1,043 parking spaces, providing a ratio of 1 : 221 sq ft. Key tenants include Next, Currys PC World, M&S Foodhall, TK Maxx, DFS and Sofology. JLL and Wilkinson Williams advised Quadrant and KKR. Montagu Evans advised the Korean investors.