Tristan core-plus fund buys Dartford shopping centre for €46m

Tristan Capital Partners' core-plus fund Curzon Capital Partners III (CCP III) has purchased The Priory Centre, a shopping centre in the southeast UK town of Dartford, from the Co-operative Bank for £33 mln (€46 mln).

'We saw the opportunity in the broken financial structure of this asset to acquire a southeast town centre scheme at a discounted price point,' said Peter Mather, managing director of investments at Tristan Capital. 'The CCP III fund’s net initial entry yield is very attractive relative to other comparable shopping centres trading in Southeast England.'

Dartford Shopping Centre was built in 1976 and provides 180,000 sq ft (16,700 m2) of accommodation including 38 retail units, a covered market hall, 11,000 sq ft of offices and Dartford’s two principal car parks with a total capacity of 800 spaces. The scheme is anchored by a Sainsbury’s superstore.

The property was bought together with shopping centre investor Ellandi, which will act as asset manager.

Mark Robinson, property director at Ellandi, said: 'Dartford has suffered from a number of setbacks: the scheme being in receivership and the aborted town centre development plans from Tesco. Ellandi has the experience and track record of achieving real change.'

The Priory Centre is the fifth shopping centre to be purchased by CCP III since September 2011 and marks a continuation of the fund’s strategy to acquire high-yielding centres that are dominant within their catchment areas.

Maples Teesdale and PWC acted as advisors to the fund.