Member Article

Dartford's Priory Centre bought for £33m

A group of private investors has acquired The Priory Centre in Dartford, from the Co-operative Bank for £33m.

The Curzon Capital Partners III (CCP III) cure plus fund, advised by pan-European real estate investment manager Tristan Capital Partners, have bought the retail property which includes 180,000 sq ft of accommodation including 38 units, a market hall, 11,000 sq ft of offices and the city’s two main car parks.

The acquisition is in conjunction with community shopping centre investor Ellandi, who will act as asset manager for CCP.

Peter Mather, managing director of investments at Tristan Capital Partners, who advised on the deal, said in Kent Online: “We saw the opportunity in the broken financial structure of this asset to acquire a South East town centre scheme at a discounted price point.

“Dartford is a major London conurbation and the Priory Centre forms an important part of the town’s retail offer, including the primary supermarket and car parks within the town.

“Whilst the centre has historically been under-managed and under–invested, there are currently a number of stable tenants in occupation and the investment benefits from a strong cashflow component.”

Maples Teesdale and PwC acted as advisors to the Fund

This was posted in Bdaily's Members' News section by Ellen Forster .