Northern Ireland

NI retail park sells to UK pension fund

The Shore Road Retail Park in north Belfast has been sold to a UK pension fund for just under £3.5m.

The park's tenants are Fitness First and Dunelm.

It was sold to Hampshire County Council Pension Fund by Windsor Securities.

Windsor Securities is an NI registered company, but according to its last set of accounts its place of tax residence is the Netherlands. Its directors also give addresses in the Netherlands and Switzerland.

A property industry source said that, until last year, the pension fund had been virtually absent from the market which would suggest institutional investors are showing some confidence in the Northern Ireland market.

In most of the recent big commercial property deals in Northern Ireland, the buyers have been funds or companies based in Great Britain.

Tim Reid, associate director at property agents CBRE Belfast said: "This is one of a number of well-let commercial properties in Northern Ireland purchased over the past year by UK institutional buyers, after a long absence from the market.

"The acquisition of Shore Retail Park once again demonstrates there is now an appetite for quality Northern Ireland assets from UK institutions".

The price reflects a yield of 9%.