Rockspring makes Northern Irish debut

Rockspring Property Investment Managers has bought a Northern Ireland shopping centre.

The firm said it paid £45.6m (€62.1m) for the Fairhill shopping centre in Ballymena for its UK Value 2 fund.

The deal – at 8.6% net initial yield – is the fund’s 14th and takes total assets up to £390m.

Richard Bains, fund manager of Rockspring’s UK Value series, said it will provide “long term income streams” for investors.

Earlier this year, two unnamed Danish pension funds committed £100m to the fund. The institutions joined investors from Australia, Finland, Germany and the UK.

With 50% gearing, the fund is aiming to invest £650m in UK core-plus and value-added assets by mid-2016.

The fund, which follows on from the fully invested UK Value 1, has invested in UK retail, office and development land assets.

Cordatus Real Estate, joint venture partner, will manage the scheme.