Rockspring Property Investment Managers LLP (“Rockspring”), on behalf of its UK Value 2 LP (“UK Value 2” or the “Fund”), has acquired Fairhill Shopping Centre in Ballymena, Northern Ireland, for €62.3 mln (£45.6 mln), reflecting a net initial yield of 8.6%. It is the fourteenth acquisition to be concluded by the Fund and brings the total aggregate value of assets in UK Value 2 to over €533 mln (£390 mln).
Fairhill Shopping Centre is located to the north of Ballymena town centre, approx. 45 km north of Belfast, and offers 27,406 m² (295,000 ft²) of retail space, comprising 49 retail units, a food court and parking for 900 cars. Currently more than 95% let, Fairhill Shopping Centre is home to a range of national retailers including M&S, Debenhams, Next, New Look, Top Shop, H&M and River Island and is the prime retail offering for Ballymena and the surrounding area.
Cordatus Real Estate will act as joint venture partners in the asset management of the scheme.
Rockspring UK Value 2 is the second fund in a sequential, UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close earlier this year, which, at eight months, was the fastest fundraise Rockspring has achieved in its 30 year history. Rockspring secured a total of €32 mln (£342 mln) of equity from 11 investors for the Fund, which will have a duration of seven years.
Rockspring acquires Fairhill Shopping Centre in Northern Ireland for €62.3 mln (£45.6 mln).
Source: Rockspring
