Reward backs retail regeneration with rapid £1.6m facility
Reward Funding stepped in with a £1.6m facility at pace, enabling Pulse Property Services to acquire Cheetham Hill Shopping Centre complex and to support the next phase of the site’s ongoing regeneration.
Pulse Property Services is led by experienced entrepreneur Mohammed Baz, a proven operator with a track record of transforming underperforming assets. Mohammed first joined Cheetham Hill Shopping Centre as a consultant, where he significantly increased footfall and helped to re-establish the location as a viable retail destination. After this, he took on the head lease for the centre, investing funds to further regenerate the location.
The deal was completed after the borrower was let down by another lender at the eleventh hour, with Reward stepping in quickly to structure the funding covering acquisition and associated costs throughout the transaction and subsequent transformation.
With multiple factors in play, the strength of the relationship with the introducing broker supported the deal. This, paired with our continued willingness to support opportunities in a sector many lenders now avoid, highlights why Reward is the right partner from the outset.
Under Mohammed’s stewardship, occupancy at the shopping centre has drastically increased, alongside improvements to both the physical fabric of the centre and the tenant mix. Mohammed was keen to make the most of the opportunity, so Reward shaped a facility with unmatched speed and agility to get the deal done in record time.
Mohammed Baz, owner and director of Pulse Property Services, said: “When the opportunity came up to purchase the shopping centre, I knew it was something I could not turn down. Reward understood both the asset and our long-term vision immediately and moved quickly to ensure the funding was secured and the deal could go through.”
“Their pragmatic approach and willingness to structure a deal in this sector has allowed us to continue the regeneration of a centre that we have spent years rebuilding.”
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Martyn Evans, business development director for Reward Funding, added: “This deal shows exactly why Plan Alternative exists. To back proven operators with time-critical opportunities. At a time when other lenders are cautious around the retail sector, we focus on the fundamentals of the business and the strength of the team behind it. Mohammad has demonstrated a clear ability to transform assets, and we’re incredibly proud to be supporting the next phase of growth.”
Bobby Paul, director at Abundant Finance, shared: “It was great to work alongside Mohammed and the team at Reward to arrange this facility. Time and time again we see how Reward’s quick decision making and willingness to lend enable businesses such as Pulse Property to continue on a strong growth trajectory.”