Frasers Group has acquired two retail schemes in Northern Ireland from Lotus Group for an undisclosed price.
The company has added The Junction retail and leisure scheme in Antrim and The Boulevard outlet in Banbridge, County Down, to its growing portfolio of UK retail and leisure assets.
The Boulevard, which is at 98% occupancy, counts the likes of GUESS, kate spade ny, Whistles, Phase Eight, Hobbs, Nike, Jack Wills, Timberland and Hollywood Bowl as occupiers. The Junction retail and leisure park recently welcomed Northern Ireland’s second Popeyes restaurant and garden centre retailer Dobbies.
Alastair Coulson, managing director of Lotus Property, said: “In 2016, we set out to turn around the fortunes of these two unique assets and both have performed well beyond our expectations. Both schemes are now busy and bustling retail hubs, with The Junction serving a loyal community in Antrim and the surrounding towns and The Boulevard, drawing visitors from across Northern Ireland and attracting cross-border traffic from Ireland daily.
“We have had much interest over the years in terms of buyers but we’ve always been keen to deliver what we set out to do. We’ve done that – and now feels like the right time to hand these assets over to a buyer we know can take them to the next level again.
“Both schemes will continue to trade business-as-usual and will continue to thrive under the stewardship of the long-standing centre management teams, and property management partners who have all played a monumental role in the successful rebrands and growth of both destinations.”
Ben Turtle, head of Savills Northern Ireland, which acted on behalf of Lotus Group, added: “This transaction reflects continued investor confidence in well-positioned retail and leisure assets across Northern Ireland. Both The Junction and The Boulevard are established destination schemes with strong occupier line-ups, resilient trading performance and significant regional catchments. The successful completion of this off-market deal demonstrates the ongoing demand for high quality retail assets that can deliver long-term value and growth potential.”
CBRE acted for Frasers Group.
