TLT advises on major NI retail park acquisition

TLT has advised Manchester-based David Samuel Property Management on its £9.7m acquisition of Lisnagelvin Retail Park in Londonderry.

The 62000 sq. ft. shopping venue is home to three major retailers – Next, Matalan and TK Maxx/Homesense – and is the only open use retail park in the region.

The acquisition is the second David Samuel Properties has made in Londonderry after buying Crescent Link Retail Park in 2019, and follows the £18.9m acquisition of Holywood Exchange Retail Park on the outskirts of Belfast in December 2020 on which TLT also advised.

The TLT team was led by real estate partner Judith Allen, with support from banking partner Richard Houliston and associate Mary-Jane Byrne.

Judith Allen, partner at TLT, says:

“We’re delighted to support David Samuel Properties with another addition to their extensive portfolio through this major retail park acquisition, and are encouraged by the significant interest they continue to show in the NI market.

It is great to see a continued high level of interest from both UK and overseas investors in Northern Ireland’s real estate market and expect this trend to remain as investors continue to benefit from high yields.”

Andrew Berkeley, Managing Director at David Samuel Properties says:

“We are delighted to have successfully concluded a further addition to our Retail Park portfolio with TLT who, as usual, have been professional and commercial throughout. We look forward to working with them on future transactions.”