The £45 mln (€51 mln) bridge facility was secured against the 141,000 sq ft (13,100 m2), grade II listed building as well as a portfolio of other mixed-use UK assets. The short-term facility allowed the buyer to leverage their investment at very short notice, affording them the flexibility to procure senior, term-loan financing in 2023.

Built between 1896-1903 and most recently redeveloped in 2017, The Corn Exchange is an iconic former market hall in the heart of Manchester’s city centre, comprising a restaurant and leisure venue on the ground, lower ground and first floors, and an aparthotel on the upper floors.

The property has 18 leases with an average lease term of 17 years and, whilst largely stabilised, still offers some scope for improving occupancy and tenant mix to further enhance value.

Matt Thame, founder of Cohort Capital said: 'It’s been an eventful year for the private debt markets. But we have definitely seen an increase in situations where lenders have not performed on their initial debt terms. With this deal, we were able to deliver with certainty and speed – which in the current market goes a long way, especially with acquisition opportunities which have real deadlines attached. Having a reputable introducer and advisor like Westfort assisting with the closing process made the underwrite much more straightforward. Now the ‘Goldilocks’ period of low inflation, rates and growing assets prices has come to an end, having an experienced debt advisor who introduces quality business but also exits existing loans to term debt couldn’t be more important – for lenders and borrowers alike.'