LoneStar has gone under offer for a portfolio of UK regional shopping centres from Rockspring.
Rockspring appointed Coady Supple and Eastdil to sell seven asset assets from its UK Value Fund for around £265m – a 7% yield – in October. The deal is expected to complete before Christmas.
The 1.3m sq ft Tiger portfolio comprises:
- 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.
The portfolio produces a net annual income of more than £18.7m from around 500 tenants and has a weighted average lease term of more than 9.6 years.
LoneStar is understood to have fought off strong competition for the assets from parties including F&C REIT and Habro.
All parties declined to comment.
