16.06.2015
The shopping centre has been purchased from Ireland’s NAMA and is let to tenants including H&M, New Look, Next and TK Maxx with an annual passing rent of almost 2.6 million. The purchase includes the adjoining prime retail block 32/36 Queens Road where 90% of the income is secured to national retailers.
Financing for the deal is being provided by ICG-Longbow.
The Irwin Mitchell team was led by real estate partner Rupert Dowdell, assisted by John Arey, with other members of the Irwin Mitchell legal team providing construction, employment and finance advice.
Rupert Dowdell said, “M&M is committed to building up a shopping centre portfolio and we are pleased to be advising them on this first purchase. Further acquisitions for the fund will be sought.”
First Property For New Shopping Centre Fund
National law firm Irwin Mitchell’s real estate team has advised M&M on the exchange of contracts to purchase the Rope Walk Shopping Centre, Nuneaton – the first property for its new shopping centre fund. The purchase price of the 205,000 sq ft. shopping centre is around £24 million.The shopping centre has been purchased from Ireland’s NAMA and is let to tenants including H&M, New Look, Next and TK Maxx with an annual passing rent of almost 2.6 million. The purchase includes the adjoining prime retail block 32/36 Queens Road where 90% of the income is secured to national retailers.
Financing for the deal is being provided by ICG-Longbow.
The Irwin Mitchell team was led by real estate partner Rupert Dowdell, assisted by John Arey, with other members of the Irwin Mitchell legal team providing construction, employment and finance advice.
Rupert Dowdell said, “M&M is committed to building up a shopping centre portfolio and we are pleased to be advising them on this first purchase. Further acquisitions for the fund will be sought.”
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