Belfast Telegraph

Saturday 19 April 2014

Springhill retail park bought by investor Pradera

A CO DOWN retail park has been sold to a UK fund for an undisclosed sum – the second park in the area to be snapped up by a major investor.

Springhill Retail Park in Bangor was sold to Pradera in recent weeks, making it the fund's first Northern Ireland asset.

Pradera is a specialist retail fund and asset manager which invests in centres and retail warehouse parks. The company manages around 50 assets worth nearly £2bn. No-one from Pradera was available for comment yesterday, but it's understood tenants of Springhill Retail Park were informed by letter of the change.

The retail park has a B&M, Next, Tesco and New Look and was originally part of Jermon, the business run by one-time property tycoon Peter Dolan. Receivers were appointed to Springhill Retail Park and other assets after Jermon companies went into administration. In July, Threadneedle Investments bought Clandeboye Retail Park, also in Bangor.