Rockspring has made its Northern Ireland debut with the purchase of Fairhill shopping centre in Ballymena, County Antrim, for £45.6m – an 8.5% yield.
The shopping centre has been bought on behalf of its UK value 2 fund, which now has 14 assets valued at £390m.
The 295,000 sq ft mall comprises 49 shops, a food court and parking for 900 cars.
It is more than 95% let to tenants including M&S, Debenhams and Topshop.
Cordatus Real Estate will asset manage the scheme.
CBRE was instructed by Irish property developer Sam Morrison’s company, Corbo, to market the shopping centre in August.
Rockspring fund manager Richard Bains, said: “As with the other shopping centre acquisitions we have made in Taunton, Aylesbury and Leeds, this transaction is in line with the fund’s strategy to source properties that will benefit from expert asset management and will, ultimately, provide long term income streams for our investors.”
