Eurohypo has funded Bank of Ireland Private Banking Limited's £209 million (ca. €287 mln) acquisition of a 50% stake in New Mersey Retail Park in Liverpool, England.
New Mersey Retail Park is the seventh largest retail park in the UK, totalling over 480,000 ft² and comprising 30 retail units and 1,900 car parking spaces. Tenants include many of the leading multiple retailers such as Marks & Spencer, Next, Gap, River Island and B&Q. It is the primary out-of-town retail park serving Liverpool, with over 1 million people living nearby.
Bank of Ireland Private Banking purchased the stake, on behalf of its clients, from Hercules Unit Trust (HUT), which was advised by British Land.
Madeleine Forrest, Eurohypo commented, "Bank of Ireland Private Banking not only had a very clear strategy for this deal, but a strong track record for this type of transaction. We enjoyed matching its business plan with our own expertise in property and ability to get the deal done."
Peter Collins, Director, Bank of Ireland Private Banking, commented, "New Mersey fits perfectly with our strategy for retail property. It is already a high performing retail park, situated in a strong local market, and offers a number of excellent asset management opportunities to increase income over the next few years.
This is our second acquisition part-financed by the Eurohypo team in the UK, and their ability to work alongside us in creating an appropriate financing structure for the life of the investment was a key factor to us. We took significant comfort that Eurohypo had the people, skills and scale to ensure this transaction was a success."
Source: Eurohypo
