Frasers Group has acquired two of Northern Ireland’s best-known retail schemes from Lotus Group for an undisclosed sum.
The transaction covers The Boulevard in Banbridge and The Junction Retail and Leisure Park in Antrim, which Lotus Group acquired in 2016. The original purchase, which also included Junction One and The Outlet, was one of the region’s most significant retail transactions at the time.
Lotus Group said its ownership focused on turning around the performance of both schemes through investment, redevelopment and rebranding.
The Boulevard is now positioned as a premium shopping destination in Northern Ireland, with occupiers including GUESS, kate spade ny, Whistles, Phase Eight, Hobbs, Nike, Jack Wills and Timberland.
Earlier this month, Lotus completed the site handover to Hollywood Bowl ahead of its planned opening in the autumn. The handover forms the first stage of a redevelopment intended to create a food and entertainment quarter at the Banbridge scheme. The Boulevard is now 98% occupied and has reported record-breaking sales year-on-year for the past decade.
The Junction Retail and Leisure Park has recently welcomed Northern Ireland’s second Popeyes restaurant. The Antrim scheme has also benefited from investment by Dobbies, which selected the site for its largest store in the UK.
“In 2016 we set out to turn around the fortunes of these two unique assets and both have performed well beyond our expectations. Both schemes are now busy and bustling retail hubs, with The Junction serving a loyal community in Antrim and the surrounding towns and The Boulevard, drawing visitors from across Northern Ireland and attracting cross-border traffic from Ireland daily.
“We have had much interest over the years in terms of buyers but we’ve always been keen to deliver what we set out to do. We’ve done that – and now feels like the right time to hand these assets over to a buyer we know can take them to the next level again.
“Both schemes will continue to trade business-as-usual and will continue to thrive under the stewardship of the long-standing centre management teams, and property management partners who have all played a monumental role in the successful rebrands and growth of both destinations.”
Alastair Coulson, Managing Director of Lotus Property
“This transaction reflects continued investor confidence in well-positioned retail and leisure assets across Northern Ireland. Both The Junction and The Boulevard are established destination schemes with strong occupier line-ups, resilient trading performance and significant regional catchments. The successful completion of this off-market deal demonstrates the ongoing demand for high-quality retail assets that can deliver long-term value and growth potential.”
Ben Turtle, Head of Savills Northern Ireland
Savills Northern Ireland acted on behalf of the vendor, while CBRE acted for Frasers Group.
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