Tristan Capital Partners, in joint venture with Addington, has pipped Goldman Sachs in the race to buy a £150m portfolio of regional assets once owned by the Noé family.
Tristan and Addington, advised by Allsop and DTZ, has bought the Tree Portfolio, from receivers at KPMG for £153.2m.
The price for the portfolio of 144 mostly regional retail properties reflects a yield of circa 10.7%.
Tristan’s European Property Investors Special Opportunities 3 Fund will acquire the mixture of high street shops, convenience parades and malls.
In addition there are a number of office and industrial assets as well as around 250 flats. The properties are currently 87% occupied.
Tristan managing director Peter Mather said: “Speed was of the essence in securing this portfolio, which offers plenty of scope to add value through creative asset management in keeping with the fund’s strategy.
“The final close of EPISO3 earlier this year and the compelling business plan for the assets put together by the team within a tight deadline enabled us to transact swiftly to seize this opportunity.“
Tristan Capital has appointed Addington as its asset management partner for the portfolio.
Tristan pipped underbidder Goldman Sachs, which has bought several UK regional property portfolios over the past year including the Peloton and Angel portfolios.
In February, KPMG restructuring partners Croxen and Firmin were appointed administrative receivers to 10 separate companies that own 339 mostly regional retail properties.
This included Landmaster Properties, which is ultimately controlled by Leo Noé’s father Solomon.
JLL advised KPMG.
