London-based private property vehicle, the Kandahar Group, has purchased a portfolio of 22 retail and leisure units for £42.7m.
The property company, founded by Carphone Warehouse owner David Ross, bought the Academy portfolio from private investors the Pan Albion Group, taking the company’s portfolio value to £270m.
The 22 UK high street units, totalling around 130,000 sq ft, are mostly located in the South and the South East with current tenants including the La Tasca group, JD Wetherspoon, and Ask Restaurants.
Kandahar Group previously had a portfolio comprising of 11 UK shopping centres, the largest being Tower Ramparts, Ipswich and Jackson Square in Bishop’s Stortford.
Martin McGann, finance director of the Kandahar Group, said: “The portfolio is well placed and well located.
“Hopefully there will be an opportunity to asset-manage, and it is certainly a portfolio we would look to grow”
Bank of Scotland Corporate provided finance for the deal.
Morgan Williams acted for the vendor; Briant Champion Long acted for Kandahar.
References: EGi News 17/08/06
