ROM Capital, a joint venture between property entrepreneurs Robert Whitton and Daren Buney, has bought retail specialist Willolake Properties for £15m.
Willolake owns a retail portfolio comprising three shopping centres in Buxton, Bakewell and Buckingham, a neighbourhood shopping centre in Systan, Leicestershire, and a prime high street shop in Leicester. The deal reflects a net initial yield of 5.6%.
The four shopping centres provide a total of 73 units with a net internal area of 57,410 sq ft and produce a net income of £96,346 a year. They include tenants such as Pizza Express, Toni & Guy and the Red Cross and an array of boutique operators.
AAIM chief executive Whitton and Essex-based developer Buney formed another joint venture in December last year when they launched In 'n' Out, an express car servicing outlet chain. ROM Capital is an opportunity vehicle that specialises in the acquisition of portfolios and private property companies. In July last year they bought the £12.75m Brookhouse House office and industrial portfolio.