Benson Elliot acquires Quedam Centre in Yeovil
Benson Elliot, the UK-based private equity real estate fund manager, has acquired the Quedam Centre in Yeovil, a 175,000 square feet shopping centre purchased from UBS’s Triton Fund, owner since 2005.
The Quedam Centre is an open centre located in the heart of Yeovil, and is home to retailers such as TopShop, Monsoon, River Island, USC, Boots and Starbucks. It represents the town’s only managed retail destination and provides 25 per cent of Yeovil’s total retail space.
The asset comprises the 45-unit centre together with four high street shops, a 650-space multi storey car park, and an adjoining development property, the 50,000 square feet Vincent’s Yard, all encompassed within a 7.4 acre town centre site. Benson Elliot could also benefit from a prior planning consent for a potential 170,000 square foot extension.
The centre is currently 16 per cent vacant, providing opportunities for Benson Elliot’s specialist retail team to undertake a proactive asset management programme, maximising income from the property by reconfiguring and leasing up available space, re-gearing existing leases and managing down costs.
Savills acted for Benson Elliot in the acquisition, with GCW and Macarthur Wilson being retained to lead a new letting campaign.
Marc Mogull, founder and managing partner of Benson Elliot, says: “This transaction builds on the regional investment programme we have pursued across the UK during the past 12 months. We have seen some attractive opportunities to acquire undervalued properties in the regions, where assets with sound real estate fundamentals have suffered from a lack of proactive management during the economic downturn.
“The Quedam Centre is a well-anchored shopping destination in one of the most vibrant catchments in the South West. With the right management and investment we believe we can create exciting opportunities for new and existing retailers, enhancing income and growing value to generate strong future returns.”