London firm to buy Junction One and The Outlet

Junction One opened near Antrim in 2004.

London-based property investment firm Tristan Capital Partners is set to buy two more shopping centres in Northern Ireland.

It is on the verge of acquiring Junction One and The Outlet, according to property news service Co-Star.

Tristan already owns Bloomfield in Bangor and Erneside in Enniskillen in partnership with Ellandi.

Co-Star has said Newry-based Lotus Group will be a minority partner in the latest deal.

The Outlet opened on the outskirts of Banbridge in County Down in 2007, but was effectively taken over by Ulster Bank in 2011.

Junction One opened near Antrim in 2004 with Ulster Bank also lending the money for that development.

The bank lent the firm that developed it about £48m, but its value collapsed to under £10m in the crash.

The Outlet, which cost more than £70m to develop, struggled to fill all its units.

The two centres were on the market for a combined £60m, but the reported selling price is about £40m.