Mauritian-based New Frontier Properties has bought two regional shopping centres in the UK for £179m (€249m).
The special purpose vehicle, backed by South African REIT, Rebosis Property Fund, has bought the Cleveland Centre in Middlesborough and Coopers Square in Burton-on-Trent from F&C REIT.
Coopers Square had been owned by F&C REIT since early 2013 when it bought the centre from Grosvenor Estate as part of the Dollar portfolio deal. The Cleveland Centre, which has also been named The Mall, had been on F&C REIT’s books since 2011.
New Frontier, which is listed on the Mauritius stock exchange, is aiming to invest up to £300m in UK shopping centres in the next 12 months through advisers Lunson Mitchenall and Coady Supple.
The firm has appointed London-based Waypoint Asset Management to manage the two centres.
New Frontier chief executive, Mike Riley, said the shopping centres are indicative of the sort of assets the firm is considering. The firm, he said, is targeting ”strong, regionally dominant shopping centres with significant potential for improvement”.
Rebosis, which owns a controlling stake in New Frontier, floated in 2011 and was established by Billion Group, the South African development and investment company.