A fund advised by pan-European investment manager Tristan Capital Partners has acquired a 21,000 m2 retail complex in Folkestone, UK, out of receivership.
A fund advised by pan-European investment manager Tristan Capital Partners has acquired a 21,000 m2 retail complex in Folkestone, UK, out of receivership.
The CCP III fund purchased the Bouverie Place shopping centre in a joint venture with UK retail asset manager Ellandi.
The vendor was the receiver for two subsidiaries of UK real estate company Warner Estate Holdings.
The two subsidiaries - Warner Estate Development (Folkestone) Ltd and Warner Investments Ltd - were placed into receivership following the parent company’s refinancing.
No purchase price was disclosed but a report in Property Week suggested it was in the region of £22 mln (€25.9 mln). Sources consulted by PropertyEU confirmed this figure is broadly correct.
The shopping centre is the fourth to be acquired by the fund with Ellandi since September 2011 and takes the value of the joint venture’s assets beyond £100 mln (€117 mln), representing about 15% of the fund’s equity.
The vendor was advised by DTZ and Fladgate. The purchaser was advised by Kitchen La Frenais Morgan and BLP.
