Tristan purchases two of Northern Ireland’s largest retail parks (NI)

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European Property Investors Special Opportunities 4, the opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners is investing more than €55m to purchase and rejuvenate Junction One and The OUTLET, two of Northern Ireland’s largest retail parks.  


The sites cover a combined total of 95 acres of land and offer 55,466m2 (597,035ft2) of modern retail and leisure property. Junction One in Antrim opened in 2004 and offers 36,481m2 (392,682ft2) of shopping and leisure space. The retail park is fully occupied by brands including LIDL, Homebase and BM Bargains. 


The OUTLET, which has a catchment population of 1.1 million within a 60 minute drive of its location on the outskirts of Banbridge, has 18,985m2 (204,354ft2) of retail space. Over 50 brands including M&S, Next, Nike, DKNY, LK Bennett and Gap have a presence in the shopping village, alongside cafes, restaurants and leisure activities.


Peter Mather, managing director at Tristan Capital Partners, said: “This deal represents a unique opportunity to bring together two outlet centres currently under separate ownership for the first time. Combined, these centres account for the vast majority of the Outlet Market in Northern Ireland, with both sites already housing a broad range of national and international occupiers, including strong anchor tenants. The next step will be to enhance, differentiate and diversify both sites by investing significantly and working with specialist asset management partners in Northern Ireland and London.” 


Work is already is taking place at The OUTLET to develop the leisure and food & beverage offering, including the construction of a McDonald’s restaurant and the fit-out of a new state of the art eight screen cinema, with MAXX screen, by Omniplex. 


EPISO 4 will be working with local partner The Lotus Group who will provide support with asset and project management. Rioja Development Ltd will also provide specialist Outlet consultancy to EPISO 4. A&L Goodbody provided the fund with legal advice.

 

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