14 October 2015
TRISTAN FUND ACQUIRES TWO U.K. RETAIL PARKS FOR A TOTAL OF c.£45 MILLION
An opportunity fund advised by Tristan Capital Partners, the pan-European real estate investment manager, has purchased a retail park in northeast England and another 35 miles north of London from Hercules Unit Trust for approximately £45 million.
European Property Investors Special Opportunities 3 L.P. (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 deal builds on the longstanding Joint Venture partnership between Tristan and Pradera to acquire and manage retail assets in areas identified for their return potential. The Tristan portfolio managed by Pradera in the UK currently consists of 11 retail warehouse parks including these two latest acquisitions.
Peter Mather, Managing Director of Investments at Tristan Capital, said: “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.
Neil Varnham, Managing Director, Pradera, said: “The popularity of retail parks has gone from strength to strength over the years as consumer habits change. Luton is undergoing change and is establishing itself as a critical mass for retail warehouse and leisure. Sunderland, again, is in the process of reinvention; which has resulted in a strong employment market with millions of pounds being poured into the area boosting the local economy. These new assets are key strategic parks for us in strong locations, which will prove to add significant value to Tristan’s existing portfolio.”
The two assets comprise a total of 202,300 ft2 of lettable space that consists of 23 units and provide parking for 954 vehicles. DFS Furniture, Aldi, Matalan, Argos extra, Pets at Home and Costa are amongst the strong line-up of tenants on the parks, while about 10% of the lettable space is currently vacant.
The fund was advised by JLL and BLP on the transaction while Cushman & Wakefield acted for the vendor.
Pradera News
04 March 2021
Pradera appoints Civil Engineer to the role of Technical Asset Manager
Barbara Armanelli joins Pradera Italy
Read whole story
04 March 2021
Pradera agrees lease renewal with French retailer for a further 12 years
Truffaut extends lease at Les Armoiries Shopping Centre, Bry-sur-Marne, for 12 years.
Read whole story
01 March 2021
A new fashion retailer for Istanbul Cevahir
ltınyıldız Classics starts trading at Istanbul Cevahir
Read whole story
25 February 2021
Domoteka releases additional dates for “Domodesign” due to popular demand
Interior design-focussed webinars and workshops are back at Domoteka
Read whole story
22 February 2021
Homepark Janki welcomes four new tenants in February 2021
Bike Moto, DEKO Meble, Bafra Kebab and Ramen Duck open at Homepark Janki
Read whole story
11 February 2021
A bathroom specialist for Homepark Franowo, Poznań, Poland
Jeta starts trading at Homepark Franowo
Read whole story