Ellandi Retail Fund makes debut acquisition in Great Yarmouth
Posted by Ellandi on 1st Nov 2013
The Ellandi Retail Fund has secured £60m
of equity commitments to build a portfolio of high yielding locally orientated
shopping centres. With the use of leverage, being provided by Chenavari
Investment Managers, this will allow the fund to build a c. £130m portfolio
offering a double digit cash yield from diversified, granular and defensive
rental streams.
The Market Gates Shopping
Centre is approximately 220,000 sq.
ft. retail scheme in the heart of Great Yarmouth. Re-furbished in 2008 it dominates the provision of prime
retail space within the town and is anchored by Debenhams, New Look and
Wilkinson.
Morgan Garfield, founding partner at
Ellandi said “The Ellandi Retail Fund is an exciting step in the evolution of
our business. We see an excellent
opportunity to build a portfolio that will provide a strong cash yield and significant
capital growth prospects, derived from our asset management expertise. The fund
is structured in order to have the flexibility to attract further investors in
due course.”
“The Ellandi Retail Fund is actively
pursuing additional acquisition opportunities and we are also continuing to
build our relationship with established and new equity partners.”
Andrew Haines, partner at Chenavari Investment Managers said “We
are pleased to have backed Ellandi on their new fund’s first acquisition. Mark
and Morgan have built a strong team and we believe that they will rapidly create
value on Great Yarmouth as they have done on their other assets.”
Mike Wimble, asset manager at Ellandi, added: “Core to our
strategy will be the re-invigoration of the letting campaign to get the vacant
units let to the right retailers. Alongside this we will be investing in the
retail environment to improve the overall offer and to provide services such as
free Wi-Fi. We believe we can deliver a shopping centre that the population of
Great Yarmouth deserve”.
Ellandi were advised by Douglas Stevens and Co and Irwin
Mitchell.
The vendors were Matthew
Cowlishaw, Neville Khan and Robert Harding acting as the administrators of the
Market Gates Shopping Centre GY Limited. The vendor was advised by
Pradera, Lunson Mitchenall and Eversheds.