Tristan and Ellandi complete £35m Eastleigh purchase
Posted by Property Week on 4th Apr 2013
Tristan Capital Partners and Ellandi have completed the purchase of the Swan Centre in Eastleigh, Hampshire, for around £35m.
The mall was bought from Prupim and will be the third UK shopping centre for Tristan’s CCP III fund. The deal reflects a yield of around 8.75%.
The Swan Centre comprises 228,000 sq ft of retail and a 113,000 sq ft leisure extension completed in 2008 that includes a range of restaurants, a cinema, bowling alley and Gambado soft play centre.
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. The Swan Centre squarely fits this profile.”
Morgan Garfield, partner at Ellandi, added: “Retailers trade successfully in Eastleigh and we are looking forward to working with our tenants and local stakeholders to build upon the impressive and successful leisure extension completed by Prupim.”
Prupim were advised by CBRE. CCP III was advised by Kitchen LaFrenais Morgan.
Source: Property Week