Tristan Capital Partners has acquired a portfolio of nine retail parks across the UK for £245 mln (€280 mln).
Peter Mather (pictured), managing director of investments at Tristan Capital Partners, said: 'We are seeing a big disconnect between the relatively strong occupational market and subdued real estate capital market for retail assets in the UK. This portfolio allows us to capitalise on this trend. While there are a number of planned asset management initiatives to add value, the long WALT, affordable rents and strong covenant strength make this defensively positioned portfolio an ideal core-plus style investment.'
Tristan carried out the transaction on behalf of Curzon Capital Partners IV (CCP 4), the latest in its family of core-plus style investment funds. The vendor was a fund advised by Brockton Capital.
The portfolio comprises a total of 111,000 m2 and the assets are located near major conurbations. The space is currently 97% occupied and provides for a weighted average lease term (WALT) in excess of 8 years.
CCP 4 has retained Savills Investment Management to continue managing the properties on its behalf.
Savills, Stephenson Harwood and Pricewaterhousecoopers advised CCP 4 on the transaction.
