Market Gates Shopping Centre in Great Yarmouth sold for £28m
PUBLISHED: 09:20 08 November 2013 | UPDATED: 09:20 08 November 2013
Archant Norfolk © 2013
The future of Market Gates Shopping Centre has been secured, as it was bought for £28m.
A group called Ellandi has bought the 216,000sq ft Great Yarmouth centre from administrators at Deloitte.
Refurbished in 2008, Market Gates is anchored by Debenhams, New Look and Wilkinsons.
It had formerly been owned by Miller Group.
The new buyers are headed by Mark Robinson and Morgan Garfield, and the pair have raised a £130m fund to buy retail properties.
Market Gates is the first asset they have bought.
Mr Garfield said: “We see an excellent opportunity to build a portfolio that will provide a strong cash yield and significant capital growth prospects, derived from our asset management expertise.
“The fund is structured in order to have the flexibility to attract further investors in due course.
“The Ellandi Retail Fund is actively pursuing additional acquisition opportunities and we are also continuing to build our relationship with established and new equity partners.
“We deliberately target convenience and value orientated shopping which we feel is better insulated from the threat of the internet due to the balance of spend and delivery charge.”