Rockspring reveals details of Fairhill Centre purchase

The Fairhill Shopping Centre. (Submitted Pic).
The Fairhill Shopping Centre. (Submitted Pic).

The purchasers of the Fairhill Shopping Centre have revealed it is their first acquisition in Northern Ireland.

Rockspring Property Investment Managers LLP (“Rockspring”) has acquired Fairhill Shopping Centre for £45.6

million, reflecting a net initial yield of 8.6%,

It is the fourteenth acquisition to be concluded by the Fund and brings the total aggregate value of assets in UK Value 2 to over £390 million.

Fairhill offers 295,000 sq ft of retail space, comprising 49 retail units, a food court and parking for 900 cars.

Currently more than 95% let, the Shopping Centre is home to a range of national retailers including M&S, Debenhams, Next, New Look, Top Shop, H&M and River Island.

Cordatus Real Estate will act as joint venture partners in the asset management of the scheme.

Richard Bains, Rockspring Partner and Fund Manager of the UK Value series, said: “Fairhill Shopping Centre is a prime shopping centre with a strong national retailer base. As with the other shopping centre acquisitions we have made in Taunton, Aylesbury and Leeds, this transaction is in line with the Fund’s strategy to source properties that will benefit from expert asset management and will, ultimately, provide long term income streams for our investors. This is Rockspring’s first acquisition in Northern Ireland, and we are excited to be working with Cordatus who have extensive experience working in this jurisdiction.”

Mike Channing, Director at Cordatus said: “We are delighted to be working with Rockspring on this important project.

“Fairhill offers a great opportunity for added value asset management and we look forward to working closely with Rockspring to realise the full potential of the centre.”

Rockspring UK Value 2 is the second fund in a sequential, UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close earlier this year, which, at eight months, was the fastest fundraise Rockspring has achieved in its 30 year history. Rockspring secured a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.

Cordatus Real Estate and DTZ McCombe Pierce acted for Rockspring on the transaction. CBRE acted for the vendor.