Baar-Zug, 26 September 2013
Partners Group invests in urban retail center in the US
Partners Group, the global private markets manager, announces its investment in Lloyd Center in Portland, Ore., US on behalf of its clients in partnership with Cypress Equities Real Estate Investment Management. Lloyd Center is a 1.5 million square foot urban retail center located near downtown Portland with close proximity to the Convention Center, Rose Garden Arena and Memorial Coliseum.
Lloyd Center features six anchor stores, more than 150 specialty shops, a 900-seat food court, plus an indoor ice skating rink and a movie theater. The center showcases many of today’s popular retail brands including anchor stores Nordstrom, Macy’s, Sears, Marshalls, Barnes & Noble and Ross Dress for Less as well as numerous specialty shops.
Partners Group considers Lloyd Center an attractive investment for its clients due to its value-added potential. The business plan includes further adapting the tenant mix to local preferences, effectively managing lease rollover over the duration of the hold period and initiating a property-wide capital plan aimed at improving the property’s competitive position in the market. The implementation of these efforts has already begun and, for instance, ULTA was recently added as a tenant while Forever21 is currently expanding its store at Lloyd Center.
Eliza Bailey, a senior investment manager in the private real estate team at Partners Group, comments, “We are excited to invest in Lloyd Center. The property fits well with our relative value assessment of targeting assets located in primary locations within tier 2 cities and we believe that the partnership is well-positioned to manage the asset and create value for our investors.”