Manchester-based retail real estate firm Modus Properties has acquired a portfolio of retail properties worth more than £100mln (EUR 127 mln). Bank of Ireland funded the deal, but further details of the transaction were not disclosed.
Manchester-based retail real estate firm Modus Properties has acquired a portfolio of retail properties worth more than £100mln (EUR 127 mln). Bank of Ireland funded the deal, but further details of the transaction were not disclosed.
'We are delighted to be backing Modus' continued development across the UK and Ireland and I am confident that their growth strategy is not only achievable but has an extremely positive long-term outlook,' said Ciaran McGivern, regional director at Bank of Ireland in Manchester.
David Lockhart, investment director at Modus, added: 'Modus has worked with Bank of Ireland on a number of past projects and have been impressed with their speed of completion and competitive terms, so I am pleased that Bank of Ireland was able to finance the purchase of the new facilities and I look forward to a long-term future partnership with the team.'
With a total end value in excess of £2.5bn, the Modus portfolio comprises over 40 schemes which are either owned, or actively being developed by, the company, plus a further 40 retail store developments. Modus also has four property funds with a total value of almost £1bn.
