Tristan Capital Partners, the pan-European real estate investment manager, has acquired a portfolio of nine well-located retail parks across the UK for €281.7m on behalf of Curzon Capital Partners IV, the latest in its family of “core-plus” style investment funds, from a fund advised by Brockton Capital LLP.
The parks, located near major conurbations across the UK with excellent local and national infrastructure links, comprise a total of 1.2 million m². The space is currently 97% occupied by tenants and provides for a WALT in excess of 8 years.
Peter Mather, Managing Director of Investments at Tristan Capital Partners said: “We are seeing a big disconnect between the relatively strong occupational market and subdued real estate capital market for retail assets in the UK. This portfolio allows us to capitalise on this trend. While there are a number of planned asset management initiatives to add value, the long WALT, affordable rents and strong covenant strength make this defensively positioned portfolio an ideal core-plus style investment.”
Curzon Capital Partners IV has retained Savills Investment Management to continue managing the properties on its behalf.
Advising Curzon Capital Partners IV on the purchase of the portfolio were Savills, Stephenson Harwood and Pricewaterhousecoopers.
