Tristan and Ellandi buy £22m Folkestone mall
Posted by Property Week on 26th Jun 2013
The shopping centre was bought on behalf of the CCP III fund, advised by Tristan, for a yield of around 8.75%.
It was put up for sale by the joint receivers of Warner Estate Development (Folkestone) and Warner Investments. Blackstone controls a slice of the debt through an agreement with RBS to manage its Project Isobel loan book.
The 231,000 sq ft shopping centre was built in 2007 by Bride Hall, acting as Warner’s development partner, and is anchored by Asda, Primark and Next.
The mall had initially been put up for sale in October 2011 with a guide price of £32.25m.
Peter Mather, managing director at Tristan Capital, said: “This is a continuation of the CCP III strategy of acquiring high yielding but defensive retail assets in conjunction with Ellandi, who are a specialist operating partner in this sector.”
Bouverie Place is the fourth shopping centre that CCP III has acquired with Ellandi since September 2011 and takes the joint ventures’ assets to more than £100m.
Morgan Garfield, partner at Ellandi, added: “Bouverie Place represents the dominant modern retail location within its catchment, offering both an attractive yield and asset management initiatives to further add value. We hope that our close relationship with retailers has allowed us to identify a sustainable retail location with strong medium term growth prospects.”
The vendor was advised by DTZ. The purchaser was advised by Kitchen La Frenais Morgan.
Source: Property Week