Tuesday, 23 December 2014
Ellandi acquires The Tiger Portfolio for €331 mln (UK)
Community Shopping Centre Investment Manager Ellandi has purchased the Tiger Portfolio from Rockspring Property Investment Managers’ (“Rockspring”) UK Value 1 Fund (“UK Value 1” or the “Fund”) in a joint venture with global private equity firm Lone Star. The portfolio was acquired for £260 mln (€331 mln), reflecting an initial yield of approximately 7%.
The portfolio comprises seven UK shopping centers, located in Aberdeen, Blaydon, Falkirk, Gloucester, Essex, and Southampton.
With this end-of-year acquisition, Ellandi is now the largest dedicated owner of community shopping centers in the UK.
Major tenants within the portfolio include Debenhams, Morrisons, Marks and Spencer and ASDA.
This transaction takes the total assets under management to over £600 mln (€764 mln), comprising 19 Community Shopping Centers.
Morgan Garfield of Ellandi said: “This latest acquisition, ends a year of exceptional growth for Ellandi.
“We are now the UK’s largest privately owned investor in Community Shopping Centers and are now well positioned to reap the benefits of recovering consumer sentiment, building on our track record of transforming the place in which we invest.”
Richard Bains of Rockspring commented: “This is a significant transaction for Rockspring and means that approx. 70% of the assets within UK Value 1 Fund have now been successfully ‘round tripped’ with equity and profit returned to investors. Our UK Value 2 Fund is now approaching its final close with a significant proportion of repeat investors reflecting the success of UK Value 1. “
Source: Redwood Consulting