Delancey completes Propinvest Blade portfolio buy

Delancey has confirmed its acquisition of the Blade portfolio from Glenn Maud’s Propinvest Group. As revealed by Estates Gazette (News, page 25, 6 February 2010), Jamie Ritblat’s firm beat competition from Catalyst Capital, LaSalle Investment Management, Balmain Asset Management and DTZ to acquire the portfolio. Delancey has partnered with existing lender Royal Bank of Scotland on the acquisition, which comprises 12 assets spread across the leisure, retail, office and warehouse sectors. Delancey will asset manage the entire portfolio and is expected to appoint DTZ to provide management services on the English properties with Cogent and Reith Lambert appointed in Scotland.  The largest of the assets is the Debenhams, Marks & Spencer, Sainsbury’s and Primark-anchored East Kilbride Shopping Centre, which comprises 250 shops as well as an ice rink, cinema, library and two food areas together with 3,000 car parking spaces Other assets include: the Gate Leisure Centre in Newcastle; the Mander Centre in Wolverhampton; Airedale shopping centre in Keighley; Brooklands retail park; Bolton Gate retail park; Charter Place in Jersey; office complex Sigma House in Basildon; three Total Fitness leisure clubs located in Bootle, Whitefield and Huddersfield; and B&Q in Crewe.  Tim Haden-Scott of Delancey, said: “We are delighted to have extended our working relationship with RBS on unlocking this portfolio. This complex transaction represents an opportunity for Delancey to create substantial added value through our extensive asset management expertise.”   annabel.dixon@estatesgazette.com   To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.