Tristan Fund’s venture with Ellandi acquires shopping centre in South East England in receivership sale (UK)

CCP III, a fund advised by Tristan Capital Partners, has acquired Bouverie Place Shopping Center in Folkestone, South East England, for an undisclosed sum in a joint venture with specialist UK retail asset manager Ellandi. The sellers were the receivers of Warner Estate Development  Limited and Warner Investments Limited.

Bouverie Place is a 231,000 ft² (approx. 21,460 m²) retail scheme built in 2007 in the heart of Folkestone town. The center has a low vacancy rate, provides modern retailing for anchor tenants ASDA, Primark and Next, and offers accessible car parking in the center of the town on the south coast of England.

Peter Mather, Managing Director at Tristan Capital commented: “The purchase of Bouverie Place is a continuation of the CCP III strategy of acquiring high yielding but defensive retail assets. The center is the dominant retail location in the catchment area and our ability to transact swiftly was key to seizing this opportunity, which we expect will deliver attractive returns to our investors.”

The purchase is the fourth shopping center that CCP III has acquired with Ellandi since September 2011 and takes the value of the joint venture’s assets to more than £100 million, representing about 15% of the fund’s equity.

Morgan Garfield, Partner at Ellandi, added: “We are delighted to make this latest acquisition with CCP III. Bouverie Place offers both an attractive yield and opportunities for asset management initiatives to add further value. We hope that our close relationship with retailers has allowed us to identify a sustainable retail location with strong medium term growth prospects.” The vendor was advised by DTZ and Fladgate. The purchaser was advised by Kitchen La Frenais Morgan and BLP.

Source: Tristan Capital Partners

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