Orchard Street UK Special Situations Fund has completed the purchase of two retail assets in Southend and Chelmsford.

Orchard Street, managed by Orchard Street Investment Management, with debt from Royal Bank of Scotland, bought Royals Shopping Centre in Southend and Meadows Retail Park in Chelmsford.

The RBS facility was set up by the fund in November last year to finance most of its property acquisitions.

The two retail deals, totalling £44.4m, are the first for the fund which plans around £300m within the next two years.

Suzanne Avery, managing director real estate finance group at RBS, said: ‘The debt facility will provide Orchard Street with the necessary capital to proceed with their acquisition strategy.

'As a bank we are delighted to support such a good quality management team as Orchard.’

It bought Royals Shopping Centre in Southend from Warner Estate Holdings.