Hunter REIM (‘Hunter’) has announced the completion of four further acquisitions across the UK, comprising £18 million in total, for the firm’s UK Retail Unit Trust.
The latest round of purchases takes total spending in the closed-end vehicle, which focuses on investing in underutilised retail assets in thriving town centres, to over £90 million, since launching in 2015. The purchases follow revised financing announced in October last year, after Hunter had drawn all initial equity in the fund following multiple rounds of acquisitions across the UK over the last two years.
The firm has acquired 24–26 The Martlets, part of a 100 per cent let prime retail parade in Crawley, West Sussex. Purchased for £8.7 million, the units are situated in the main thoroughfare to the shopping centre and are let to a strong tenant line up including Pret a Manger, Schuh, Carphone Warehouse and Lush.
In Liverpool, Hunter has purchased 5-9 Parker Street for £4.85 million. Situated prominently in Liverpool’s popular L1 shopping district, the units are let to Ernest Jones, Paul’s Hair World and a temporary mobile phone shop operator. It has also purchased the freehold of 1-3 Parker Street, let to Schuh and Co-Op Bank, for £1.5m from Liverpool Council.
Finally, the company has also completed a deal for 1-3 Market Place in Marlow for £4.5 million, which is let in its entirety to Steamer Trading, the UK’s largest independent cookshop.
A further round of acquisitions is anticipated over the next year, whilst Hunter has also announced its intention to capital raise for a second fund, which will also focus on investment in high street assets across the UK.
Sheridan acted for Hunter in Liverpool, Reeder Ness and Jackson Criss advised on Marlow, and TW Kiel advised on Crawley.
Andrew Moffat, Fund Manager at Hunter REIM, comments:
“This latest round of acquisitions, following the re-financing of the fund in October, is testament to our commitment to the UK high street and our ongoing belief that it offers superb opportunities in particular pockets around the UK. Central to unlocking value discovery on the high street is the creation of a strong identity, thriving leisure space and a vibrant and food and beverage offer, and these acquisitions all clearly meet this criteria.
“We look forward to announcing the final deals for the fundshortly, before turning our attention to capital raising for a second high-street focused fund.”
