Hermes has sold the Castle Court shopping centre in Belfast to Wirefox for £125m – a circa 7% yield.
The 350,000 sq ft shopping centre, which opened in 1990, is anchored by Debenhams and has more than 100 shops.
Holywood-based property company Wirefox is being backed by Asian capital in this acquisition.
The firm, run by Bernard Eastwood, has been an active purchaser in the Irish and Scottish property markets.
Its recent acquisitions include The Rockford scheme portfolio of nine Glasgow office blocks, which it bought for £35m in June, as well as Silvan House in Edinburgh – a Scottish government property block – for £18m in May.
Its other assets in Belfast include office blocks Longbridge House and Oxford & Gloucester House.
Hermes originally owned the property in a joint venture with Westfield. The partners tried to sell the centre in 2011 but no deal was agreed.
Hermes later bought out Westfield’s stake in the shopping centre in 2012 in a £400m deal, which also included its interests in two other shopping centres – Guildford, Surrey, and Tunbridge Wells, Kent.
Dunluce Property acted for Hermes; Savills advised Wirefox.
To send feedback, e-mail amber.rolt@egi.co.uk or tweet @AmberRoltEG or @estatesgazette
