Foyleside shopping centre sold to local business consortium for £27m
FOYLESIDE shopping centre in Derry city has been sold to a consortium of local investors for £27 million.
Property firm Savills confirmed the retail asset has been sold for around £5m below the £34.25m asking price in a deal involving the Derry-based business brothers, Patrick and Edmund Simpson.
It comes just one week after Michael and Lesley Herbert confirmed the acquisition of Forestside shopping centre in Belfast for £42m.
Both retail assets were sold by London-based private equity firm Kildare European Partners, who paid around £135m for the shopping centres in 2014.
Natives of the Carndonagh area of Co Donegal, Patrick and Edmund Simpson own the Brunswick Moviebowl in Derry, along with Belfast hotels Benedicts and The Landsdowne.
Patrick Simpson said the family was delighted to close the deal on the Derry shopping centre.
“Foyleside is an important part of Derry’s retail offering and we’re very pleased to see it return to local ownership,” he said.
“We believe our background and knowledge of the leisure and hospitality sectors will help us make the centre more attractive to families.”
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The Simpsons have partnered with the new owners of the Rushmere shopping centre in Craigavon for the deal.
The Co Armagh shopping centre was bought for £46.2m in February 2023 by a group of investors led by DV8 founder Ian McMahon.
Both Mr McMahon and fellow Rushemere investor Donall McCann are now shareholders in Foyleside.
“Foyleside has provided the premier retail offering to the people of Derry and surrounding areas for over 30 years,” said Mr McCann.
“As investors and asset managers we have a firm belief in the importance of physical retail and are excited at the opportunity to work with existing and new occupiers to further enhance the offering at Foyleside.
“As a locally based group of investors, we are delighted to add the centre to our portfolio and look forward to shaping its future. It is a testament to all of those involved back in the early 1990s who helped to deliver to the North West region what is still recognised today as one of Northern Ireland leading centres - under our stewardship we intend to continue that legacy.”
Originally opened in 1995, the 364,637 sq ft Foyleside complex comprises 53 units, including anchor units occupied by Frasers, Marks & Spencer, and Dunnes Stores.