An opportunity fund advised by Tristan Capital Partners has purchased a retail park in northeast England and another north of London from Hercules Unit Trust for a total of £45 mln (€61 mln).
An opportunity fund advised by Tristan Capital Partners has purchased a retail park in northeast England and another north of London from Hercules Unit Trust for a total of £45 mln (€61 mln).
European Property Investors Special Opportunities 3 (EPISO 3) has acquired the Hylton Riverside retail park near Sunderland and the Hatters Way retail park on the outskirts of Luton. Both assets will be managed by retail specialists Pradera.
The Tristan portfolio managed by Pradera in the UK currently consists of 11 retail warehouse parks including these two latest acquisitions.
'These freehold assets provide modern retail warehousing accommodation that is located in established towns with large shopping catchments. Both parks provide secure and diverse income streams, with opportunities to improve this through leasing up a small element of vacancy, regearing and relocated existing tenants, and developing out a consented drive-thru restaurant and some new pods,' said Peter Mather, managing director of Investments at Tristan Capital.
The two assets comprise a total of 18,800 m2 of lettable space that consists of 23 units and provide parking for 954 vehicles. They are about 90% occupied.
The fund was advised by JLL and BLP on the transaction while Cushman & Wakefield acted for the vendor.
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