Cordatus Property Trust has acquired Lisnagelvin shopping centre in Londonderry, Northern Ireland, from British Land for £14.73m – a 7.9% yield.
The 110,000 sq ft district 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 the Republic of Ireland.
Cordatus director Gavin Munn said: “We like to invest in convenience shopping centres as they tend to be resilient to economic fluctuations while 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 at 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 in delivering outperformance over the next few years.”
DTZ McCombe Pierce acted for Cordatus; Savills acted for British Land.
• To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @amberrolt or @estatesgazette
