Europa Capital and Ediston have acquired Pallion Retail Park for £18.95 million, reflecting a net initial yield of 7.29%.
Pallion Retail Park comprises 129,922 sq. feet of retail warehouse accommodation in seven units. The Property is let to a number of national retailers, including Matalan, B&M, Dunelm, Iceland and Poundstretcher. The freehold property benefits from being immediately adjacent to Pallion Tyne & Wear Metro Station. The property was sold by Scottish Widows Investment Partnership.
James Fortescue at Europa Capital said, “We are pleased to have acquired this asset which complements our growing regional portfolio. The investment provides an opportunity to improve the capital value through active asset management and extending the retail offering. This transaction demonstrates the commitment from Europa Capital to acquire further assets across the United Kingdom.”
Calum Bruce of Ediston added, “The purchase of Sunderland enhances the existing portfolio of ten assets and offers scope to further improve the Partnership’s performance. We are delighted to have the continued backing of Europa Capital and RBS in the execution of our strategy to buy well located assets with value add potential.”
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totaling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
The company focuses on both investment and development, and has a track record of buying substandard, well located properties and transforming them into prime institutional quality investments.
In 2007 Ediston launched the Ediston Opportunity Fund which, despite the very aggressive pricing of UK real estate and expectations of price falls, successfully raised substantial equity from UK pension funds and debt from RBS.
Ediston has been actively investing since 2009/2010, both through the Ediston Opportunity Fund and with newly raised funds through the Ediston UK Real Estate Trust, launched in 2012.
Further information can be found at www.ediston.com