New Frontier Properties acquires Houndshill Shopping Centre in the UK for £105 million

Posted On Tuesday, 29 September 2015 00:34 Published by
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New Frontier Properties announce it has acquired the retail shopping centre known as Houndshill Shopping Centre located in Blackpool, United Kingdom from a third party vendor, for an approximate aggregate consideration of £105 million. 

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Houndshill Shopping Centre is a modern, fully covered shopping centre and is the dominant centre in Blackpool. Blackpool is a popular seaside location, with approximately 13 million visitors a year. Houndshill Shopping Centre comprises 302,339 sq ft, with 65 retail units and 750 car parking spaces.

The centre is anchored by Debenhams, with other major retailers including New Look, River Island, Next and H&M. Approximately 77% of the income is secured against national tenants, including those mentioned above, and the Weighted Average Unexpired Lease Term is 8.5 years. The centre offers a number of asset management opportunities. 

The Acquisition will be funded through a combination of debt funding, in the sum of approximately £59.7 million, which has been secured from Deutsche Pfandbriefbank AG in the United Kingdom, and equity funding through the proceeds of the recent private placement of New Frontier shares.  

The Acquisition constitutes an undertaking in the ordinary course of business of New Frontier and therefore does not fall under the scope of Chapter 13 of the SEM Listing Rules requiring a publication of a circular or shareholder approval.   

New Frontier has its primary listing on the SEM and a secondary listing on the Alternative Exchange of the JSE.   

Last modified on Tuesday, 29 September 2015 01:08

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