Rockspring Property Investment Managers has confirmed that it is bringing a £265m portfolio of seven UK regional shopping centres to the market.
The fund manager, on behalf of UK Value 1 LP, has appointed Eastdil and Coady Supple to market the 1.3m sq ft Tiger real estate portfolio, reflecting a 7% net initial yield.
Tiger’s town centre retail assets are located across England and Scotland and generate a net annual income of more than £18.7m from circa 500 separate tenants. The portfolio has a weighted average lease term of more than 9.6 years.
The Tiger portfolio comprises the following assets:
• Grays shopping centre, Grays, Essex – a 248,000 sq ft shopping centre comprising more than 70% of the retail provision in Grays town centre. Key tenants include Wilkinson, Sports Direct and Peacocks.
• Mercury Mall, Romford, Essex – a 187,000 sq ft covered retail scheme in the town centre. Anchored by Asda and Wilkinson.
• The Eastgate, Gloucester – a 170,000 sq ft covered, city centre retail scheme that attracts more than 7.8m shoppers per year. Key tenants include Marks & Spencer, H&M and JD Sports.
• The Marlands, Southampton – a 180,000 sq ft refurbished and rebranded covered high street shopping centre. Recent lettings to Blue Inc, Poundworld, Peacocks, Moss Bros and JRC World Buffet.
• Blaydon shopping centre, Blaydon, Gateshead – a 197,000 sq ft retail scheme which recently completed a £20m regeneration. Tenants include Morrisons, Poundworld and Home Bargains.
• The Howgate, Falkirk – a 181,000 sq ft shopping centre which attracts more than 5.8m visitors a year. Key tenants include Marks & Spencer, Wilkinson and Debenhams.
• Trinity Centre, Aberdeen – a 188,000 sq ft city centre shopping mall with footfall in excess of 250,000 visitors per week. Key tenants include Primark, Debenhams and Argos.
Richard Bains, Rockspring partner and fund manager of the UK Value series, said: “Each shopping centre within the portfolio has benefited from significant capital expenditure which has helped secure high-quality tenants and brands like Debenhams, Marks & Spencer and Asda. Tiger is a significant and geographically diverse portfolio which offers a real gateway to the UK regional retail real estate sector for any potential buyer.”
annabel.dixon@estatesgazette.com
