An affiliated investment fund of Och-Ziff Real Estate (OZRE), in conjunction with operating partner Addington Capital, is to acquire the Retail Plus Property Trust, a Jersey Unit Trust currently managed by Rockspring Property Investment Managers (“Rockspring”), for around £60 million.
Retail Plus includes a portfolio of high street shops in twelve regional cities in the UK, including London, Cheltenham, Leeds, Newcastle, and Shrewsbury. The purchasers’ plan is to secure significant new retail lettings in an improving occupational market. Addington Capital will asset manage the portfolio.
The deal represents a new relationship between OZRE and Addington.
Steven Orbuch, President of OZRE said, “While the UK high street sector has been under meaningful pressure during the downturn, we believe there are selective opportunities within the sector that are attractive given the underlying UK recovery. In partnership with Addington Capital, we believe there are interesting opportunities to reposition and re-let certain high street properties.”
Matthew Allen, Principal at Addington Capital said, “This is an exciting deal for us, working with a new partner, and providing a platform for future acquisitions.”
KLM acted for the vendor