Friday, 17 April 2015
New Frontier properties enters UK market with €249 mln retail purchase (UK)
Mauritian-based special property vehicle, New Frontier Properties Ltd, which is listed on the Stock Exchange of Mauritius and the Johannesburg Stock Exchange has entered the UK retail market by purchasing two shopping centers in Middlesbrough and Burton-on-Trent in a corporate transaction for circa £179 mln (approx. €249 mln) from F&C Reit.
New Frontier Properties is backed by South African REIT, Rebosis Property Fund, which owns a controlling stake in the company. Rebosis floated in 2011 and was established by Billion Group Limited, the South African property development and investment company founded by prominent business figure, Sisa Ngebulana.
Mike Riley, CEO of New Frontier Properties, commented: “The acquisition of The Cleveland Centre and Coopers Square marks New Frontier Properties starts our major UK shopping investment. These shopping centers are indicative of the sort of assets we are considering; strong, regionally dominant shopping centers with significant potential for improvement. We hope to announce further purchases in due course.”
Source: Redwood Consulting