Tristan, Ellandi acquire UK mall

Posted by Property EU on 25th Mar 2013

Pan-European real estate fund manager Tristan Capital Partners and Ellandi, a niche investment manager, have jointly acquired the Swan Centre in the English town of Eastleigh.

The investment volume was not disclosed but it is believed to have been in the region of £40 mln (€47 mln).

Tristan advises CCP III, the fund that purchased the 21,000 m2 shopping centre from Prupim, the real estate investment management arm of M&G Investments. The Swan Centre deal is the third UK shopping centre acquisition that Tristan and Ellandi have carried out for the fund.

Peter Mather, managing director at Tristan Capital, said: 'The Swan Centre is a good fit for the CCP III strategy. The combination of a strong and secure leisure offer with a successful and diversified retail line-up, which both dominate the town centre, is an attractive asset for the fund to invest into. The scheme offers up many opportunities to pro-actively manage and physically improve. We see an opportunity in the UK to earn an attractive income yield and good risk adjusted returns.'

Prupim was advised by CBRE and CMS Cameron McKenna. CCP III was advised by Kitchen LaFrenais Morgan and Addleshaw Goddard.

Source: Property EU

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