CCP III, a fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired the Swan Centre in Eastleigh, Hampshire, from PRUPIM, the real estate investment management arm of M&G Investments. Ellandi will partner Tristan again on what will be its third UK shopping center acquisition for the fund.
The Swan Centre is the dominant retail and leisure destination within the town center and its wider catchment. It comprises 228,000 ft² (approx. 21,181 m²) of retail and a 113,000 ft² (approx. 10,498 m²) leisure extension completed in 2008 that houses a range of restaurants, a cinema, bowling alley and Gambado soft play center.
Peter Mather, Managing Director at Tristan Capital commented “The Swan Centre is a good fit for the CCP III strategy. The combination of a strong and secure leisure offer with a successful and diversified retail line-up, which both dominate the town center, is an attractive asset for the fund to invest into. The scheme offers up many opportunities to pro-actively manage and physically improve. We see an opportunity in the UK to earn an attractive income yield and good risk adjusted returns. The Swan Centre squarely fits this profile.”
Morgan Garfield, Partner at Ellandi added “We are delighted to make a further investment with CCP III. We have been able to acquire a third dominant town center asset that offers attractive and sustainable income. Retailers trade successfully in Eastleigh and we are looking forward to working with our tenants and local stakeholders to build upon the impressive and successful leisure extension completed by PRUPIM.”
PRUPIM were advised by CBRE and CMS Cameron McKenna. CCP III was advised by Kitchen LaFrenais Morgan and Addleshaw Goddard.
Source: Tristan Capital Partners