European Property Investors Special Opportunities (EPISO), a fund co-advised by AEW Europe and Tristan Capital Partners, has acquired three regional shopping centres in the United Kingdom. Known as the Sapphire Retail Portfolio, the assets were acquired in partnership with Addington Capital for £145 million (€163 million).

The portfolio, which totals 104,515 square metres of retail space, comprises Charter Walk in Burnley, Queens Arcade in Cardiff and the Harvey Centre in Harlow.

“Each of the centres has suffered from a lack of capital expenditure over the last few years and there is plenty that can be done to improve not only net income, but also the look and feel of the centres and, of course, tenant mix,” says Martin Roberts of Addington. “We believe that these secondary centres will respond well to strong management and capital investment.” Addington will act as asset manager of the portfolio.