Colony Capital has agreed to buy the Gemini Portfolio after a deal with Värde Partners fell through.
The portfolio had been under offer to Värde for £310.5m and a new deal with Colony has now been agreed at marginally below this price, which reflects a yield of just below 9%.
Gemini comprises 24 assets, most of which are shopping centres. The largest asset is Martineau Place in Birmingham. Other assets in the portfolio include the Galleries and MarketGate in Wigan, Greater Manchester; Springfields retail park in Stoke, Staffordshire; the Prescot Centre on Merseyside; Callendar Square shopping centre in Falkirk; and Renfrew Retail Park near Glasgow.
Ellandi has been appointed to asset manage the shopping centres.
It is understood that Colony will now look to sell some of the better-let assets quickly through its acquiring agent Knight Frank.
The Gemini portfolio, which was previously controlled by Glenn Maud’s Propinvest, is being sold by CBRE Loan Servicing and Deloitte through CBRE. The portfolio is the remaining collateral secured against Barclay’s Gemini (Eclipse 2006-3) CMBS.
