Rockspring Property Investment Managers (“Rockspring”), on behalf of UK Value 1 LP (“UK Value 1” or the “Fund”), confirms that it is bringing a portfolio of seven UK regional shopping centers to the market, seeking offers over £265 million (€337 mln), reflecting a net initial yield of circa 7.00%.
Rockspring has appointed Eastdil and Coady Supple to market the 1,3 million ft² (120,773 m²)“Tiger” real estate portfolio, which includes prominent, geographically diverse town center retail assets across England and Scotland. Tiger generates a net annual income of over £18.7 million (€23 mln) from circa 500 separate tenants and the portfolio has a weighted average lease term of over 9.6 years.
Richard Bains, Rockspring Partner and Fund Manager of the UK Value series, said: “Each shopping center within the portfolio has benefited from significant capital expenditure which has helped secure high quality tenants and brands like Debenhams, Marks & Spencer and Asda. Tiger is a significant and geographically diverse portfolio which offers a real gateway to the UK regional retail real estate sector for any potential buyer.”