Two of the biggest retail parks in Northern Ireland have been sold in a deal worth more than £40m.
The Outlet Banbridge
Junction One in County Antrim and The Outlet located in County Down, were sold to Down-based property development firm The Lotus Group and real estate management firm Tristan Capital Partners.
The two properties - collectively called Project Copeland - cover a combined 95 acres of land and offer 597,000 sq ft of retail space.
The Outlet has 204,350 sq ft of retail space and more than 50 retailers including Marks & Spencer, Next, Nike, LK Bennett and Gap.
Junction One offers 392,680 sq ft of space and features retailers including Lidl, Adidas and Clarks.
Alastair Coulson, director of asset and property management at The Lotus Group, said: “Our acquisition of both retail parks demonstrates our confidence in the market in Northern Ireland. Now that The Outlet and Junction One are both under single ownership there is a significant opportunity for us to enhance and differentiate the sites. There will be a period of substantial investment to reinvigorate the schemes.”
Peter Mather, managing director at Tristan Capital Partners, added: “Combined, these centres account for the vast majority of the Outlet Market in Northern Ireland, with both sites already housing a broad range of national and international occupiers, including strong anchor tenants. The next step will be to enhance, differentiate and diversify both sites by investing significantly and working with specialist asset management partners in Northern Ireland and London.”