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BMO in 290m deal spree

Published:  28 September, 2015

Eastgate, Inverness sold for 116m and Parkgate, Rotherham bought for 175m

BMO Real Estate Partners has completed the sale of Eastgate shopping centre in Inverness to affiliates of Harbert European RealEstate Fund IV for 116m. And at the same time it has bought the Parkgate shopping park in Rotherham from Hercules Unit Trust for around 175m.

BMO, which also owns Bon Accord and St Nicholas shopping centres in Aberdeen, has owned Eastgate since 2013. Under BMOs stewardship, Eastgate has grown to achieve 99 per cent occupancy, underpinned by successful anchor brands including Debenhams, M&S, Topshop, Next and Superdry. Eastgate is now the focal point of retail provision for the whole of the Highland region and has an exceptionally high catchment penetration rate. The nearest significant competition is Aberdeen, based more than 100 miles away.

Zvi No, director of investments at BMO Real Estate Partners, said: We are extremely proud of our work as the owners of the Eastgate Shopping Centre. We have worked tirelessly with local businesses and shoppers to ensure the highest quality service is offered, and are delighted with how the shopping centre has progressed in our time.

Parkgate, which attracts nearly 10 million visitors a year, is one of the top five largest retail parks in the UK consisting of around 565,000 sq ft of prime retail warehouse and restaurant space on a 40.6-acre site. In total, the site provides accommodation for 42 retailers and 2,250 free parking spaces.

The shopping park caters for an extensive catchment area, containing approximately 1.5 million people. On top of successful anchor brand names such as M&S, Morrisons, Next, Boots and H&M, there is also strong demand from other retailers seeking representation despite already being at full occupancy.

No said: We are delighted with this acquisition of one of the countrys top shopping parks. We look forward to working with our customers and the local business community to ensure Parkgate continues to move forwards under our stewardship in order to provide the best possible shopping experience for customers.