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Orchard Street completes £44m UK buy

Royal Bank of Scotland is financing the acquisition of the Royals Shopping Centre in Southend and the Meadows Retail Park in Chelmsford, both in the South East of England. The facility was set up last November.

Orchard Street Special Situations Fund has closed on the purchase of two retail properties with funding from The Royal Bank of Scotland.

Managed by Orchard Street Investment Management, the fund backed by the Government of Singapore Investment Corporation, has acquired the Royals Shopping Centre in Southend, and the Meadows Retail Park in Chelmsford, both in the South East of England. The facility from Royal Bank of Scotland was set up in November last year with the intention to finance most of the fund's acquisitions over the next year.

The recent purchases total £44.4m (€49 million; $64 million) and are the first acquisitions for the vehicle.

Both assets are multi-let, freehold retail properties with some asset management opportunities. Suzanne Avery, managing director of the real estate finance group at Royal Bank of Scotland said the debt facility would give Orchard Street the necessary capital to make acquisitions.

Orchard Street is run by its four partners, chairman Chris Bartram, Gary Felce chief investment officer, Phillip Rodger as head of asset management, and David Lee, the chief financial officer.

Orchard established the special situations fund in March 2008 with the Government of Singapore Investment Corporation to invest in up to £300 million of UK commercial property.