THE largest single commercial property transaction to take place in Northern Ireland in recent years has been completed by Wirefox Investment Group – as exclusively revealed in the Irish News.
Savills acted on behalf of Northern Irish-based investment firm Wirefox, who confirmed that they have acquired Belfast's CastleCourt shopping centre in Belfast for £125m from Hermes Fund Managers Limited - again, the exact figure reported in this paper.
And Wirefox, headed by BJ Eastwood, says it plans "significant capital expenditure" in the 365,000 sq ft complex, details of which will be released in the near future.
CastleCourt, the third largest shopping centre in Northern Ireland, with 340,000 square feet of space and more than 100 retailers, opened its doors to the public on Royal Avenue in 1990.
Regarded as one of the north's most prestigious shopping centres, CastleCourt was originally developed by John Laing in the late 1980s on a site formerly the Grand Central Hotel, which played hosts to guests such at The Beatles and The Rolling Stones.
In 2004, CastleCourt underwent a significant refurbishment to upgrade the existing food court, car park and customer facilities.
Belfast commercial law firm Davidson McDonnell advised Wirefox throughout the acquisition while Grant Thornton NI advised on the financial structure of the deal. JCRA was hedge advisor to Wirefox.
Savills will manage the property and currently act as letting agents alongside CBRE.
Ben Turtle, who heads up Savills in Northern Ireland, said: “We’re delighted to have assisted Wirefox in their acquisition of CastleCourt – adding to their strong portfolio of property assets across the UK.
"Despite the shock of Brexit and ongoing political uncertainty, the retail sector in Northern Ireland continues to perform strongly, with positive retailer performances and robust letting activity.
"With consumer confidence at its highest level since the third quarter of 2015, and the economy expected to grow at a faster rate than previously predicted, we expect Wirefox to reap the benefits of this high-profile acquisition.”
