Mauritius-listed property firm New Frontier has acquired the Houndshill shopping centre in the English seaside town of Blackpool from Blackstone and Catalyst Capital for £105 mln (€143 mln).
Mauritius-listed property firm New Frontier has acquired the Houndshill shopping centre in the English seaside town of Blackpool from Blackstone and Catalyst Capital for £105 mln (€143 mln).
Houndshill Shopping Centre is a fully covered shopping centre in Blackpool, a popular seaside location, with about 13 million visitors a year.
Houndshill comprises 65 retail units over 28,200 m2 and 750 parking spaces. The scheme is anchored by Debenhams, with other major retailers including New Look, River Island, Next and H&M. The weighted average unexpired lease term is 8.5 years.
New Frontier is listed in Mauritius and has a secondary listing on Johannesburg stock exchange. The acquisition will be funded through a combination of £60 mln of debt provided by Deutsche Pfandbriefbank, and equity funding from the company's recent private placement.
