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New York firm purchase two city retail parks – 2nd May 2014

A US firm has bought two Belfast shopping parks from developer Sam Morrison in the latest purchase by an American company in Northern Ireland.

Mr Morrison’s Corbo Properties off-loaded both Shane Retail Park on Boucher Road in south Belfast and north Belfast’s Cityside Retail Park – formerly known as Yorkgate – to New York-based Marathon Asset Management.

The US firm purchased The Obel, Northern Ireland’s tallest building, last month for over £20m – though has only disclosed its identity with the latest deal. It’s believed Shane Retail Park sold for nearly £30m, while Cityside Retail Park, which attracts value retailers, fetched around £20m.