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. 

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