Vixcroft Purchases The Richmond Centre in Londonderry for £20m

January 2015 - London-based asset manager, property development, and finance company, Vixcroft, has purchased The Richmond Centre in Londonderry for £20 million. 

The Centre was previously owned by the Hegarty family before administrative receivers were appointed by their lender, Royal Bank of Scotland (RBS). The centre was then sold in 2010 for £24m to West Register, a company set up by RBS to manage its distressed property assets.

Arrowcroft was appointed as asset manager for West Register, and Vixcroft, a spin-off from Arrowcroft, has taken on full ownership of the asset.

Daniel Carter, chief executive of Vixcroft, said: "We have been managing the asset since 2010 as Arrowcroft on behalf of RBS, who have been using specialist external asset managers to run assets they have inherited from defunct borrowers. Now as part of banks' deleveraging, they sought to dispose of the property, creating the opportunity for us to buy it."

"Our immediate plans are to consolidate the improvements we have been able to make since 2010.

"This sort of multi-tenanted commercial property asset is not the sort of thing one would want to flip in and out of. It's quite an undertaking to buy an asset like this."