Roubaix Group has made its first acquisition since the business was established in August.
Roubaix has bought Market Gate shopping centre in Lancaster in an off-market deal for £22m – a 7% yield – from a private owner.
Market Gate extends to 135,000 sq ft and tenants include New Look, WH Smith, Waterstones, Caffé Nero and Morrisons M Local, together with a direct pedestrian link into Marks & Spencer.
A 50,000 sq ft Primark will join them shortly, and will be the largest anchor store in the town.
The property investment firm was founded by Chris Beckerman, who was formerly head of retail at Praxis.
Beckerman said: “I am delighted to be able to announce my first deal since founding Roubaix Group and to have strong support from financial partner, Chenavari Investment Managers. The forthcoming arrival of Primark will be transformational for Market Gate and provides a springboard for further improvements to the centre that will release untapped value.”
“This deal is the first of a string of proposed purchases Roubaix Group has in the pipeline and, with the substantial cash reserves at our disposal, we are targeting over £100m of additional acquisitions by the end of next year.”
Roubaix Group was unrepresented; the vendor was advised by Coady Supple.
annabel.dixon@estatesgazette.com
