French investment firm Corum Asset Management has acquired its first asset in Northern Ireland.
Corum said it bought 40-46 Donegall Place in Belfast for £16.4m (€14.0m) from an undisclosed vendor. The purchase price equates to a net initial yield of 7.05%.
The 67,000sqft retail property is currently home to Northern Ireland’s flagship Next store and Dublin-based Eason.
Philippe Cervesi, an investment director at Corum, said: “We are actively looking for high-quality investment opportunities in all commercial sectors, including alternative investments.
“The purchase of 40-46 Donegall Place is only our second in the UK and first in Northern Ireland, and we are committed to sourcing and acquiring other opportunities throughout the UK and Europe.”
Launched in 2012, Corum has acquired over 101 properties in 12 European countries.
Nicky Finnieston, investment director at Belfast-based Lisney which acted on behalf of Corum, said: “We are delighted to have acquired one of Belfast’s best retail assets for Corum, in what was a quick and smooth transaction.
“From identifying and agreeing the deal Corum completed within one month. We look forward to working with them on other transactions as they expand in our market.”
