Prestwich property investor in multimillion-pound retail park acquisition

David Samuel Property Management has completed the £9.7m acquisition of Lisnagelvin Retail Park, in Londonderry, Northern Ireland.

The 62,000 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 that the Prestwich-based privately owned investment company 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.

David Samuel Property Management was advised on the latest deal, and the Holywood Exchange Retail Park acquisition, by Manchester law firm TLT.

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 said: “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, David Samuel Properties managing director, said: “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.”