European Property Investors Special Opportunities 4 (EPISO 4), an opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired the Bloomfield Shopping Centre in Bangor, Northern Ireland, for £54.5m (€70.2m).
Peter Mather, managing director UK & Ireland at Tristan Capital Partners, said: “This is the second shopping centre purchase in Northern Ireland by our funds and follows that of the Erneside shopping centre in Enniskillen less than a year ago. It’s a market that we like because of the attractive pricing of retail assets relative to the rest of the UK. This centre has a strong trading position in the catchment area, little vacancy, and offers a number of interesting opportunities to add value.”
EPISO 4 acquired the 417,000ft² (38,740m²). centre in a receivership sale handled by Ulster Bank, a legacy of the recession and the 2008 property crash. Operating partner Ellandi is taking a minority stake in the investment.
The shopping centre and outlying retail units have free parking for almost 2,000 vehicles. It dominates the retail offering in Bangor, 13 miles north-east of Belfast, and is the largest town in the Ards and North Down district of the province, attracting 4 million visitors a year.
Bloomfield opened in 1992 and was refurbished and extended in 2001 and 2002 respectively to accommodate anchor tenants Marks & Spencer and Tesco. The centre is 97% occupied and other major tenants include H&M, Boots, Laura Ashley, Mothercare, Pets at Home and DW Sports. Net is also scheduled to open a store there in coming months.
Advising EPISO 4 were Pinsent Masons LLP.
