Junction One and The Outlet secure buyers

Junction One opened near Antrim in 2004.

Two of Northern Ireland's best-known retail parks have been sold.

London-based property investment firm Tristan Capital Partners and the Newry-based Lotus Group have acquired Junction One and The Outlet.

They were bought for more than £40m.

"Now that The Outlet and Junction One are both under single ownership there is a significant opportunity for us to enhance and differentiate the sites," said Alastair Coulson from the Lotus Group.

"There will be a period of substantial investment to reinvigorate the schemes.

"We will be enhancing both destinations and providing additional and more diverse brands.

'Unique opportunity'

"Our strategy will direct The Outlet towards a mid-premium market position and differentiate this from Junction One, with a mid-value convenience position within the market."

Peter Mather, managing director at Tristan Capital Partners, said: "This deal represents a unique opportunity to bring together two outlet centres currently under separate ownership for the first time.

"Combined, these centres account for the vast majority of the outlet market in Northern Ireland, with both sites already housing a broad range of national and international occupiers, including strong anchor tenants."

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.

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