THE private equity fund which owns the Foyleside and Forestside shopping centres has revalued both assets downwards by a combined £20m.
London-based Kildare Partners first acquired the Derry and Belfast retail hubs for around £130m in late 2014.
According to accounts registered with Companies House by Foyleside Acquisitions Ltd and Forestside Acquisitions Ltd, the former is now worth £66.21m and the latter £55.75m.
Both entities are ultimately owned by Bermuda registered Kildare European Partners, headed by ex-Sunderland owner Ellis Short.
Despite registering a similar level of turnover through 2018 to 2019, the shopping centre landlord has reported massive losses in successive years, mainly due to the total valuation of the properties being reassessed down.
After reporting a pre-tax loss topping £10m for 2018, the centres on paper have filed a combined pre-tax loss of £14m for 2019.
Forestside’s turnover for 2018 dropped marginally to £4.54m last year, while Foyleside registered a minor dip to £6.57m.
The group’s valuation of both properties has varied significantly in recent years.
Last year it struck a combined £16m off the value of both retail hubs.
At the time of the 2014 deal, property firm Cushman and Wakefield valued Foyleside at £85m and Forestside at £59m.
Kildare Partners quickly revalued Foyleside up to £93.05m and Forestside to £65.8m.
The Derry property has been contually revalued down year-on-year, falling to £66.21m for 2019. At its peak in 2017, Forestside was valued at £75m. Its value is now estimated to be £55.75m.
