Rockspring buys Liverpool mall from Infrared for €50m

Rockspring Property Investment Managers has bought the Clayton Square shopping centre in Liverpool from Infrared Capital Partners for £38.4 mln (€50 mln), or a net initial yield of 6.25%.

Located in Central Liverpool close, the 140,193-sq ft (13,000 m2) scheme includes 17 mainly outward-facing units but including one covered mall, one restaurant and a gym.

The asset, which was acquired on behalf of the Rockspring UK Value 2 fund, has recently undergone an extensive refurbishment and repositioning by InfraRed Capital Partners and is currently 95% let to national retailers including one of the largest Boots stores in the UK.

Richard Bains, Rockspring partner and fund manager of the UK Value series, said that the acquisition is in line with the fund’s core plus risk profile. 'The repositioning of this asset has firmly re-established it as a prime retail asset within Liverpool allowing for rental growth moving forwards as well as potential to add value through further asset management initiatives,' he added.

KLM represented Rockspring and Strutt & Parker acted on behalf of Infrared.