Tristan Fund acquires Northern Ireland Shopping center for €47.7 mln (IE)

The CCP IV ‘core plus’ strategy fund advised by pan-European real estate investment manager Tristan Capital Partners has acquired the Erneside Shopping Centre in Enniskillen, Northern Ireland, for c. £34 mln (€47.7 mln) from the Diageo Pension Trust. The purchase price reflects an attractive NIY for the fund.
Chris Webb, Associate Director at Tristan Capital Partners said: “Erneside is the dominant large shopping center in County Fermanagh, and attracts around 3 million visitors a year. This is an opportune time for Tristan to take its first step into the Northern Irish investment market, and acquire a high quality asset at an attractive price. The Northern Irish market is still showing a disproportionate yield discount to the UK mainland, but this is disappearing quickly as both investor demand and the availability of competitively priced bank debt increases.”
Erneside Shopping Centre has a floor area of 158,000 ft² (14,678 m²). and is located in the town center in a picturesque setting on a natural island on the edge of the Lower Lough Erne. The center has an occupancy rate of 94% with Marks & Spencer, Next and New Look as anchor tenants. The tenant mix is diversified with multiple other national retailers. Erneside is an attractive modern asset and has been well maintained by the Diageo Pension Trust during its 17-year ownership.
The property was acquired by Tristan’s Curzon Capital Partners IV Fund in Joint Venture with leading community shopping center investor Ellandi, which will act as the asset manager.
Source: Tristan Capital Partners