Property Week: Tristan Capital Partners buys Bangor shopping centre
Posted by Property Week on 8th Mar 2016
Tristan Capital Partners has bought the Bloomfield Shopping Centre in Bangor, Northern Ireland, for £54.5m.
The 417,000 sq ft property was acquired on behalf of Tristan’s EPISO 4 opportunity fund in a receivership sale handled by Ulster Bank.
Operating partner Ellandi is taking a minority stake in the investment.The centre is 97% occupied and counts tenants including Marks & Spencer, Tesco, H&M, Boots, Laura Ashley, Mothercare, Pets at Home and DW Sports.
Peter Mather, UK & Ireland managing director at Tristan Capital Partners, said: “This is the second shopping centre purchase in Northern Ireland by our funds and follows that of the Erneside shopping centre in Enniskillen less than a year ago.
“It’s a market that we like because of the attractive pricing of retail assets relative to the rest of the UK, This centre has a strong trading position in the catchment area, little vacancy, and offers a number of interesting opportunities to add value.”