BALLYMENA property company Magell has completed its acquisition of the town’s Fairhill Shopping Centre.
The value of the deal, which also involves Dublin-based investment group Melcorpo, has not been disclosed.
But it’s understood German investment group Patrizia AG accepted a price well below the £10 million asking price for the 280,000 sq ft retail complex.
London-based Rockspring Property Investment Managers LLP bought the Fairhill Shopping Centre for £45.6m in 2015. Rockspring was itself acquired two years later by Patrizia AG.
The 8.8-acre site, including a 673-space multi-story car park, and a 5,748 sq ft office building had been on the market since April.
The site has been hit by a spike in vacancies following the collapse of Debenhams and the Arcadia Group, which had operated several units.
Set up 23 years ago by John Walker, Magell previously acquired Edinburgh’s Cameron Toll shopping centre for £74.5m in 2003 before selling it for £84.5m just two years later.
Ryan Walker, who took the lead for the company on the Fairhill deal, said it represented “a fantastic opportunity” for both the company and the town.
“We are proud to be bringing the centre back under local ownership and intend to cement a hands on, active management style that best supports the future of the centre and the tenants within it,” he said.
Millar McCall Wylie acted for Magell Limited and Melcorpo. TDK Commercial Property Consultants advised on the acquisition and have been appointed as letting and managing agents.
