Delancey has acquired a 28% partnership interest in the Castlepoint Shopping Park in Bournemouth on behalf of its £1bn (EUR 1.1 bn) European evergreen fund. The UK real estate firm said it clinched the deal following a 'hard fought confidential bidding process'.
Delancey has acquired a 28% partnership interest in the Castlepoint Shopping Park in Bournemouth on behalf of its £1bn (EUR 1.1 bn) European evergreen fund. The UK real estate firm said it clinched the deal following a 'hard fought confidential bidding process'.
The deal follows Delancey's recent acquisition of 40 Holborn Viaduct from Castlemore.
The Castlepoint transaction has been completed with one of the centre's owning partners, believed to be a subsidiary of Castlemore. Each acquisition had unique challenges including complex legal and asset management issues that could not have been successfully overcome without a close working relationship with RBS's Real Estate Restructuring team based in London, Delancey said. In both cases, the bank secured full recovery of its original loans.
Castlepoint is one of the UK's largest shopping parks, comprising 60,000 m2 of retail space. The scheme was developed in 2003 and is located on a 16.6 hectare site on the outskirts of Bournemouth. In addition there is close to a further 9,300 m2 of open A1 consented space still to be fitted out and occupied at the park.
The freehold interest is held in a limited partnership alongside funds advised by Standard Life and Threadneedle.