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Rushmere Shopping Centre in Craigavon has been sold for an undisclosed sum.

The centre was placed on the market in August of last year for £57m after administrators took over earlier in the year.

It has been bought by Killahoey Ltd, a joint venture between Northern Ireland based companies Sheephaven and May Street Capital.

It had been reported in October that the centre had been sold to UK-based commercial property firm LCP for £56m.

Grant Thornton was appointed administrators to Central Craigavon Limited which owns Rushmere in April of last year.

On Thursday, Stephen Cave from Grant Thornton in Northern Ireland said he was delighted to confirm the sale of the centre.

"All concerned have worked extremely hard over the last 10 months under our control to not just maintain business as usual but to enhance the retailer offerings at the scheme, evidenced with the recent openings of Primark and Poundland," he said.

"This has led to increased footfall, more choice for shoppers and additional jobs in the local area."

In 2019, the company which holds Rushmere reported a loss of £32m after writing down the value of the centre by £37m.

The shopping centre was hit by high-profile closures, including Sainsburys, Top Shop and its anchor store, Debenhams.

The property, which comprises more than 30 acres and 50 retail units, had been listed in a joint sale by Savills and CBRE NI.

Ben Turtle, head of Savills Northern Ireland said: "The sale attracted a high level of interest from a number of domestic and international investors.

"This is a landmark transaction and underlines the continued high demand for quality retail assets in Northern Ireland."

Andrew Coggins, senior director at CBRE NI added: "The sale of Rushmere reflects a resilient market and sets the tone for a strong year in the NI investment sector."