Joint venture snaps up Craigavon shopping centre

A Northern Irish shopping centre which fell into administration in 2022 has been purchased for an undisclosed sum.

Rushmere Shopping Centre in Craigavon collapsed in April 2022 after losing key tenants including Top Shop, Sainsbury’s, and anchor store Debenhams. It was then placed on the market in August with a price tag of £57m.

The 470,000 sq ft scheme has now been purchased by Killahoey, a joint venture between Sheephaven and May Street Capital.

Savills and CBRE NI were appointed as agents for a joint sale of the scheme.

Ben Turtle, head of Savills Northern Ireland said: “The sale attracted a high level of interest from a number of domestic and international investors. This is a landmark transaction and underlines the continued high demand for quality retail assets in Northern Ireland.”

Andrew Coggins, senior director at CBRE NI, added: “The sale of Rushmere reflects a resilient market and sets the tone for a strong year in the NI investment sector.”