Ellandi’s White River raft

Posted by Property Week on 22nd Jun 2012

Ellandi and Tristan Capital Partners have completed one of the first significant purchases from the £900m loan portfolio sold by Lloyds Banking Group last December.

The asset manager and Curzon Capital Partners III, a fund managed by Tristan, have bought White River Place shopping centre in St Austell, Cornwall, for around £25m.

The vendor is understood to be US private equity firm Lone Star, which took on the debt secured against the 155,000 sq ft centre when it bought the Project Royal portfolio from Lloyds last year.

Ellandi and Tristan have bought the equity in the scheme’s former owner, White River Place Developments, in addition to the debt.

They will now asset manage the centre to increase income and value.

Ellandi co-head Morgan Garfield: “We can use our expertise in acquiring loans to provide our investors with investment opportunities that are not available to the wider market.

“It has been a complex process, requiring close involvement with the debt holders and the existing sponsors. 

“White River Place comprises 20 shops and restaurants, a cinema and St Austell’s main covered car park."

It was developed by Reco Properties, the commercial subsidiary of Elan Homes, with support from the Homes and Communities Agency.

Source: Property Week

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