Palmer Capital Development Fund III – a programmatic Joint Venture between CBRE Global Investment Partners (GIP) and Palmer Capital has completed the sale of an asset within The Penny Hill district shopping centre at Hunslet, Leeds.
The asset comprises an 80,000 sq ft foodstore which is let to Morrisons Supermarket. The shopping centre is close to Leeds city centre as well as the M1 and M621 motorways. The remaining 22 shops within the shopping centre have been retained by asset manager Opus North and there are plans to extend these by a further 10,000 sq ft.
Commenting on the sale, Andrew Duncan at Opus North commented: “We are very pleased with a sale at this level. We will continue with our improvements and asset management of the remaining centre and others within the portfolio.”
Alex Bignell, Region Head of UK, CBRE Global Investment Partners said: “On behalf of our clients, we moved quickly to provide the funding necessary to acquire this investment opportunity in 2015 following its introduction by Opus North and Palmer Capital. The profit on the supermarket sale, and value uplift achieved to date on the retained shopping centre, have vindicated this decision.“
Chris Button, Director and Head of Value Add REIM commented: “We are continuously seeking new opportunities in the market that meet our client’s requirements. Palmer Capital has since launched the Palmer Capital Development Fund IV, a programmatic joint venture with clients of CBRE GIP which has c. £150m to invest into value add transactions of £5m – £50m lot sizes or portfolios and is particularly focused at speculative commercial development and/or refurbishment opportunities.”
Palmer Capital and Opus North were advised by DWF.