One of the largest retail schemes in Northern Ireland, Rushmere Shopping Centre in Craigavon, has been acquired by local investment company Killahoey Limited in what is believed to have been one of the most significant retail transactions in Northern Ireland for several years.
Purchaser Killahoey Limited, a joint venture between Sheephaven Investment Company and May Street Capital, has saved the complex from administration and ensured that it remains under local ownership.
Millar McCall Wylie acted for the purchaser in the acquisition:
“We extend our congratulations to Killahoey Limited on their acquisition of Rushmere and are extremely proud to have played a part in the process,” said Peter McCall.
“This successful transaction is one of the most significant we have seen in the Northern Ireland retail market for several years and the result of foresight and ambition on behalf of the purchaser. Our team worked hard within an extremely tight deadline to ensure the acquisition completed smoothly and quickly.
“A transaction of this size involving a scheme of such scale shows great confidence in the local retail market. Rushmere attracted serious interest from national and international institutional investors.
“The acquisition by Killahoey represents a significant coup by a local investment company and is a testament to the ability and experience of its Promoters. We are seeing more and more local investment in retail which is hugely encouraging. We are certain that Rushmere Shopping Centre will go from strength to strength under its new ownership,” Peter McCall said.
Speaking on behalf of Killahoey Limited, Stuart Draffin said:
“We appreciate the extensive efforts and commitment extended by all involved, especially the team at Millar McCall Wylie, to make this transaction happen quickly.
“We believe Rushmere is an excellent asset which has been unquestionably well asset managed throughout its history. This has resulted in it being one of the premier retail destinations in Northern Ireland. We are delighted for the opportunity to be part of its future.”