Rockspring signs up Superdry at Fairhill Shopping Centre, Ballymena

Oct 2017

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Rockspring Property Investment Managers LLP (“Rockspring”) on behalf of its UK Value 2 LP (“UK Value 2” or the “Fund”), has signed a 10 year lease with international clothing brand Superdry at Fairhill Shopping Centre, Ballymena, Northern Ireland. Rockspring acquired the shopping centre, which is asset managed by its partner Cordatus Real Estate, in September 2015.

The new letting marks Superdry’s third store in Northern Ireland. It will occupy units 11-12 in the centre, totalling 3,079 sq ft, joining an already impressive fashion line up at Fairhill, including Next, H&M, River Island, Tommy Hilfiger, New Look, M&S, JD Sports, Debenhams, Top Shop, and Oasis. Since acquisition, Rockspring has also secured leases with leading brands Greggs and Starbucks, on 10 and 15 year leases respectively and The Works also on a 10 year lease.

Kim Sardar, European Director at Rockspring said:

“Superdry’s arrival at Fairhill further enhances the strong tenant mix within the scheme and reaffirms its position as one of Northern Ireland’s premier retail and fashion destinations. At acquisition we identified a number of asset management opportunities at the centre and we are now well on track with achieving our business plan initiatives.”

Neil Tweedie, Asset Manager at Cordatus said:

“Since Rockspring acquired the centre in September 2015, we have been actively working through our asset management strategy and are delighted to have successfully concluded 21 lettings and lease renewals at the centre, at an aggregate rent of 8% above ERV. We are further encouraged by the number of ongoing discussions we are having with existing and new potential tenants, as we seek to continue to cement Fairhill’s reputation as a primary retailing destination in Northern Ireland.”

DTZ McCombe Pierce, joint letting agents with CBRE at Fairhill, further added:

“We are in detailed discussions with a number of other retailers about the opportunity to have a presence at Fairhill and we will have further exciting news to reveal in the near future.”

Rockspring UK Value 2 is the second fund in a sequential, UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close in February 2015, securing a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.

Rockspring was advised by DTZ McCombe Pierce.

Rockspring