BLP acts for Tristan Fund on Plymouth redevelopment project
BLP has advised European Property Investors Special Opportunities 4 (EPISO 4), an opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners, on its investment in the £50 million redevelopment of the former Derrys department store in Plymouth city centre. EPISO 4 provided preferred equity and debt funding to the buyer company. The investment will be in partnership with Thames Bank Property, which has been working on the project for more than three years.
The redevelopment, which received full planning consent in August 2016, will involve re-modelling, extending and refurbishing the existing building to create approximately 75,000 square feet of retail/leisure space, a 500-bed student accommodation block, and a hotel with 110 beds. Premier Inn, Britain’s largest hotel chain, has agreed a 25-year lease for accommodation on the building’s upper floors, while Homes for Students has signed a long-term agreement to operate the accommodation block that is scheduled to open in time for the start of the 2018-2019 academic year.
Plymouth is the dominant retail destination for south Devon and Cornwall, counties that attract high volumes of summertime tourist traffic. Plymouth has one of the UK’s largest universities, with a student body of more than 20,000, for whom there is a shortage of purpose-built accommodation.
The BLP team was led by Real Estate Partner Claire Watson and Corporate Finance Partner Adam Bogdanor, assisted by Georgia Snaith, Real Estate Finance, Alexis Karim, Corporate Finance, and James Bank, Real Estate. Thames Bank was advised by CFK, NewLawsLegal, Mischon de Reya and Capra Global Partners.