Tristan buys out-of-town portfolio
Published: 21 March, 2017
Nine retail parks across the UK change hands in £250m deal
Tristan Capital Partners, the pan-European real estate investment manager, has acquired a portfolio of nine well-located retail parks across the UK for £245m on behalf of Curzon Capital Partners IV, from a fund advised by Brockton Capital.
The parks, located near major conurbations across the UK with excellent local and national infrastructure links, comprise a total of 1.2m sq ft. The space is currently 97 per cent occupied by tenants and provides for a WALT in excess of 8 years.
Peter Mather, managing director of Investments at Tristan Capital Partners said: “We are seeing a big disconnect between the relatively strong occupational market and subdued real estate capital market for retail assets in the UK. This portfolio allows us to capitalise on this trend. While there are a number of planned asset management initiatives to add value, the long WALT, affordable rents and strong covenant strength make this defensively positioned portfolio an ideal core-plus style investment.”
Savills advised Curzon Capital Partners IV on the purchase and Savills Investment Management has been retained to continue managing the properties.