Angelo, Gordon completes first deal for UK joint venture

The New York firm has bought Castlegate shopping centre in Stockton-on-Tees with Lathe Investments for £30m.

Angelo, Gordon & Co. and new UK joint venture partner, Lathe Investments, have acquired a shopping centre for £30 million (€36 million; $46 million) in their first deal together.
The New York-based alternatives investment firm has acquired the 340,000-square-foot Castlegate Shopping Centre in Stockton-on-Tees in an all-cash deal. The asset was purchased from a commercial mortgage-backed securities trust after the 2005 loan on the asset went into special servicing.

Anuj Mittal, who heads up European investment for Angelo, Gordon, said the firm had been very active as a real estate investor this cycle, having completed 50 transactions globally in the past 18 months.  

Lathe is the operating partner and asset manager on behalf of the joint venture. The firm was set up in 1996 and is privately owned.