Rushmere Shopping Centre, one of Northern Ireland’s largest shopping parks, has been bought out of administration by a joint venture between two local private investment companies.
The move comes some 10 months after Grant Thornton was appointed as administrator to parent company of the retail park Central Craigavon Limited, during which time it has continued to trade as usual.
The sale was for an undisclosed sum but the complex had been on the market for offers in excess of £57 million. The buyers is Killahoey Ltd, a joint venture between Sheephaven and May Street Capital, businesses registered in Portadown and Armagh respectively.
The centre is been home to a range of retailers including TK Maxx, Dunnes and Primark and had previously housed Debenhams before its recent demise.
Stephen Cave, Joint Administrator and Head of Restructuring at Grant Thornton in Northern Ireland, welcomed the sale.
“I am delighted to confirm the sale of the centre,” he said. “All concerned have worked extremely hard over the last 10 months under our control to not just maintain business as usual but to enhance the retailer offerings at the scheme, evidenced with the recent openings of Primark and Poundland.
“This has led to increased footfall, more choice for shoppers and additional jobs in the local area.”
Savills and CBRE were joint agents on the deal.
Ben Turtle, Head of Savills Northern Ireland, said the deal attracted a high level of interest, both locally and from international investors.
“This is a landmark transaction and underlines the continued high demand for quality retail assets in Northern Ireland.”
Andrew Coggins, Senior Director at CBRE NI, said the sale shows the undelying strength of the commercial property investment market.
“Rushmere Shopping Centre & Retail Park is the dominant retail offer within the wider Craigavon Urban Area. The sale of Rushmere reflects a resilient market and sets the tone for a strong year in the NI investment sector.”
