Danske Bank backs purchase of Bloomfield Shopping Centre
Danske Bank has provided a multi-million pound finance package for the acquisition of Bloomfield Shopping Centre in Bangor to a UK based property investor.
The fund, advised by Tristan Capital Partners in a joint venture with Ellandi LLP has acquired the asset for a price of around £54m. Tristan/Ellandi’s portfolio in Northern Ireland also includes Erneside Shopping Centre in Enniskillen, which it purchased last year for around £34m.
The 400,000 sq ft Bloomfield Shopping Centre is anchored by M&S and Tesco, with a new Next store scheduled to open in April this year. It has 3.7m visitors every year.
Danske Bank was appointed by Tristan/Ellandi after a competitive tender process for its finance requirements.
Geoff Sharpe, Senior Corporate Banking Manager at Danske Bank, said: “This is a significant transaction in the context of the Northern Ireland property market. Bloomfield dominates the retail offer in Bangor and the surrounding area and we were delighted to play a part in making the deal happen.
“In supporting this acquisition Danske Bank is once again demonstrating its commitment to the commercial property sector and our capacity to meet the requirements of large, GB-based, institutional investors.
“As the commercial property market continues to improve across the UK and Ireland, major assets in Northern Ireland are becoming increasingly attractive to investors that are looking for assets that provide a solid rate of return and asset management opportunity. We expect this trend to continue throughout 2016.”