Rockspring is bringing a portfolio of seven UK regional shopping centres to the market. The investment manager is seeking offers over £265 mln (€336 mln), reflecting a net initial yield of circa 7.00%.
Rockspring is bringing a portfolio of seven UK regional shopping centres to the market. The investment manager is seeking offers over £265 mln (€336 mln), reflecting a net initial yield of circa 7.00%.
Rockspring has appointed Eastdil and Coady Supple to market 120,000 m2 Tiger portfolio, which includes town centre retail assets across England and Scotland.
Tiger generates a net annual income of over £18.7 mln from 500 separate tenants and the portfolio has a weighted average lease term of over 9.6 years.
The portfolio is owned by Rockspring's UK Value 1 LP.
The sale marks the conclusion of a number of asset management initiatives implemented by Rockspring, most notably the development and completion of a new Morrisons supermarket at Blaydon, Gateshead, as part of a £20 mln regeneration of the shopping centre.
Richard Bains, Rockspring Partner and fund manager of the UK Value series, said: 'Each shopping centre within the portfolio has benefited from significant capital expenditure which has helped secure high quality tenants and brands like Debenhams, Marks & Spencer and Asda. Tiger is a significant and geographically diverse portfolio which offers a real gateway to the UK regional retail real estate sector for any potential buyer.'
Following the success of UK Value 1, Rockspring launched UK Value 2 in May 2014 and is on target to meet the projected £300 mln equity raise for its final close which is set for November 2014. Rockspring has already made three investments for UK Value 2, with further acquisitions likely to be announced in the near future.
The Tiger portfolio comprises the Grays Shopping Centre in Essex; the Mercury Mall, Romford, Essex; the Eastgate, Gloucester; The Marlands, Southampton; Blaydon Shopping Centre, Blaydon, Gateshead; The Howgate, Falkirk; and Trinity Centre, Aberdeen.
