Savills has been appointed by the Abbey Group and the Foyleside Group to sell a collection of shopping centres known as Project Swallowtail.
Savills has been appointed by the Abbey Group and the Foyleside Group to sell a collection of shopping centres known as Project Swallowtail.
The group of eight assets are located across the UK (including Northern Ireland) and the Republic of Ireland. The portfolio is available as a whole or as individual assets for a total guide price of in excess of £710 mln (€870 mln).
Collectively, the centres comprise 241,540 m2 with a weighted average unexpired lease term of over seven years and an annual income of about £52 mln. The assets include Leicester's 52,000 m2 Fosse Shopping Park on the southern edge of Leicester, descibed as the UK’s No1 out of town shopping park; and the 33,000 m2 Foyleside Shopping Centre in the centre of Derry, Northern Ireland.
The other six centres include: Forestside in Belfast, Northern Ireland (29,511 m2); Priory Meadow in Hastings, England (25,649 m2); AbbeyCentre, Newtownabbey, Northern Ireland (24,890 m2); Marshes in Dundalk, Ireland (25,173 m2); Palace Exchange in Enfield, North London (34,770 m2); and The Avenue, Newton Mearns, Scotland (16,723 m2).
Simon Hope, head of global capital markets at Savills, commented: 'All of the assets are of a very high quality with strong property fundamentals; well let with major asset management opportunities. We are therefore anticipating good interest from across the entire investor spectrum.
'Fosse Park is the UK’s number 1 shopping park with a tremendous pedigree and reputation. It is also one of the most accessible retail locations, which has helped contribute to its success. The future performance of this fortress park is undoubted given the strong tenant demand for the location.'
