Europa Capital LLP, the fund manager of Europa Fund III, is pleased to announce that it has exchanged contracts to buy Fremlin Walk shopping center, in a joint venture with SCOOP AM (a newly-established property asset manager), from Land Securities.
Fremlin Walk shopping center in Maidstone.
Fremlin Walk is a freehold 32,500-m² open-air shopping center in Maidstone, anchored by House of Fraser.
The agreed purchase price reflects a net initial yield of approximately 8.75%. Europa Fund III's joint venture partner, SCOOP AM, is owned by Stuart Farnell of Gemtree and Graham Cole of Guildhouse UK.
Rob Sim, Head of Northern Europe at Europa Capital, stated: "We are very pleased to have secured this well let quality investment and look forward to working with our joint venture partner over the coming years."
Graham Cole of SCOOP commented: "Fremlin Walk is an excellent first purchase for SCOOP (Shopping Centre Outperformance Opportunities Partnership) which we are pleased to joint venture with Europa."