International law firm Pinsent Masons advised on the sale of two of Northern Ireland’s best-known retail parks - Junction One and The Outlet - for more than £40 million.

They now belong to property investment firms Tristan Capital Partners in London and the Lotus Group in Newry.

Andrea McIlroy Rose, partner and head of UK retail property at Pinsent Masons, said: “The joint sale of Junction One & The Outlet brings the number of major NI retail assets we have acted on to seven in the last twelve months and the spike in activity is driven by a few interlocking factors.

“International purchasers with ready access to funds recognise the opportunity to improve projects in need of investment, and prices are competitive with disposals coming as a result of receivers or large loan book owners such as Cerberus seeking to realise the value of assets.”