New Frontier buys Blackpool centre
2 September 2015
Mauritian-based New Frontier Properties has bought the Houndshill Shopping Centre in Blackpool from Blackstone and Catalyst Capital for 105 million.
The modern, covered centre comprises 302,339 sq ft of shopping floorspace and has 65 retail units and 750 car parking spaces. It is anchored by Debenhams, with other major retailers including New Look, River Island, Next and H&M.
Around 77% of the income is secured against national tenants and the weighted average unexpired lease term is 8.5 years. The centre offers a number of asset management opportunities.
The acquisition will be funded through a combination of around 59.7 million of debt funding from Deutsche Pfandbriefbank and equity funding through the proceeds of the recent private placement of New Frontier shares.