Craigavon: Rushmere Shopping Centre sold for £56m

Rushmere Shopping Centre in Craigavon, County Armagh, has reportedly been sold for £56m.

The centre was placed on the market in August for £57m after administrators took over earlier in the year.

It has been sold to the UK-based commercial property firm LCP, the Belfast Telegraph reports.

The retail park got into financial difficulty after the closure of major stores, including Debenhams.

It is understood the property deal could be one of the largest of its kind in Northern Ireland this year.

The property comprises more than 30 acres and 50 retail units.

Losses of £32m

The Moyallen Group, which was previously associated with Rushmere, owed Bank of Ireland about £188m.

In 2019, the company which held Rushmere reported a loss of £32m after writing down the value of the centre by £37m.

The shopping centre has since attracted Primark to take over the large retail space left by Debenhams.

The site was listed in a joint sale by Savills and CBRE NI.

Speaking at the time of the listing in the summer, Andrew Coggins, senior director at CBRE NI, said the centre was the largest investment asset to come to the market this year in Northern Ireland.

LCP Properties declined to comment on the sale.

On its website it describes itself as a "leading privately-owned investment and property management company with more than 410 sites".