Real estate investment manager Tristan Capital Partners and Ellandi have confirmed their purchase of Bouverie Place shopping centre in Folkestone, Kent.
Tristan Capital Partners, on behalf of CCP III, and Ellandi have bought the 231,000 sq ft mall for circa £22m from the receivers of Warner Estate Development (Folkestone) and Warner Investments.
The Asda, Primark and Next-anchored shopping centre was developed in 2007. Warner Estate tried to sell the scheme in 2008 and 2011 but a sale was never agreed.
The directors of Warner Estate Investments and Warner Estate Development (Folkestone) agreed with the Royal Bank of Scotland to appoint fixed-charge receivers in 2012.
It is the fourth shopping centre that CCP III has acquired with Ellandi since September 2011 and takes the value of the jv’s assets to more than £100m – around 15% of the fund’s equity.
Peter Mather, managing director at Tristan Capital, said: “The purchase is a continuation of the CCP III strategy of acquiring high-yielding but defensive retail assets.”
Morgan Garfield, partner at Ellandi, added: “Bouverie Place offers both an attractive yield and opportunities for asset management initiatives to add further value. We hope that our close relationships with retailers have allowed us to identify a sustainable retail location with strong medium-term growth prospects.”
The vendor was advised by DTZ; the purchaser was advised by Kitchen La Frenais Morgan.
annabel.dixon@estatesgazette.com
