Europa Capital and Ediston Real Estate have sold Heathfield Retail Park in Ayr to an affiliate of MCAP Global Finance (UK) LLP, the London based subsidiary of New York based credit manager Marathon Asset Management LP.
Heathfield Retail Park was purchased in 2011 by Europa Capital and Ediston Real Estate and has subsequently been refurbished and extended to 190,000 sq. feet by the partnership. Major tenants now include Marks and Spencer, Homebase, DFS, Curry’s, PC World, Halfords, Poundworld, KFC and Pizza Hut. An agreement for lease has also been signed with B&M Stores for a unit which is currently being extended.
Commenting on the transaction, James Brodie, Director at Europa Capital, said: “Heathfield Retail Park is an excellent example of Europa Capital transforming an asset. Since acquisition there has been a major refurbishment of the frontages and car park, construction of a new 30,000 sq. foot retail terrace which has been leased to Marks & Spencer, B&M Retail and Tapi Carpets & Floors and the addition of new retail units in the car park. This sale represents the eleventh disposal from the partnership and underlines Europa Capital’s focus on returning capital to its investors”.
Commenting on the transaction for Ediston Real Estate, Danny O’Neil said: “As a result of proactive asset management Heathfield Retail Park is now South Ayrshire’s pre-eminent retail park and has seen a significant increase in trading performance since acquisition. Nine new tenants have been introduced to the park since 2014 which include major retailers such as DFS, Marks & Spencer, Greggs, Costa Coffee and B&M Stores.”
Allsop advised the seller.
For further information, please contact:
Gordon Simpson/ Elizabeth King, Finsbury: +44 20 7251 3801
About Europa Capital:
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 has collectively raised 9 real estate funds and committed to over 105 transactions totalling more than €9.5 billion across 19 European countries.
Europa Capital is a member of Rockefeller Group International, Inc. (“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.