Cordatus Acquires £14.7m Shopping Centre In Londonderry, Northern Ireland
Latest acquisition for Cordatus Property Trust: a programmatic venture between Cordatus Real Estate and CBRE Global Investment Partners
LONDON, 13 December 2016 – Cordatus Property Trust (“CPT”) has completed its latest acquisition as it continues to build a portfolio of diversified assets across the UK: a shopping centre at Lisnagelvin, Londonderry purchased from British Land.
CPT has acquired Lisnagelvin shopping centre, a 110,000 sq ft district centre within Londonderry for £14.73m/7.9% NIY.
The centre is anchored by Tesco, Primark and Poundland and is the city’s main centre for convenience shopping with a large catchment that also extends across the border into southern Ireland.
Cordatus Director Gavin Munn commented, “We like to invest in convenience shopping centres as they tend to be resilient to economic fluctuations whilst providing attractive income returns. Lisnagelvin is a well-located, dominant centre with a large catchment and offers a strong income return, long WAULT and the prospect of rental growth. We expect it to be a strong contributor to our Fund.”
Alex Bignell, Head of UK, CBRE Global Investment Partners added: “This asset further enhances the above market income distribution generated by the CPT portfolio, which will be a key factor to delivering outperformance over the next few years.”
Cordatus Property Trust is a programmatic venture between CBRE Global Investment Partners (CBRE GIP), as funding partner on behalf of its clients, and Cordatus Real Estate (Cordatus), as operating partner. The Trust was launched in December 2015 and has an initial funding target of £150m of which approximately £90m has been invested with further acquisitions under offer. The vehicle is targeting investment opportunities in strong micro locations, to generate an above market income distribution.
DTZ McCombe Pierce acted for Cordatus and Savills acted for British Land.
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