Debenhams mall part of £191m property deal

THREE shopping centres, including one in Manchester, have been acquired by a specialist property investor.

BMO Real Estate Partners has paid British Land £191m for the three retail assets: Debenhams in Manchester, based on Market Street; Clifton Moor in York; and Westgate Retail and Leisure Park in Wakefield.

British Land exchanged £733m worth of joint venture properties with Tesco earlier this year, which included its 50% stake in Clifton Moor.

It consists of 240,000sq ft of open A1 and planning consents anchored by a 120,000sq ft Tesco. DFS, Wren, Oak Furnitureland and Harveys lettings have been recently completed at the site.

Westgate includes tenants Laura Ashley, Mothercare, Currys, Toy ‘R’ Us, Wickes, Intersport Sporting Pro, PC World, Maplin, Pets at Home, Dreams, Mecca Bingo and Cineworld.

BMO has purchased the leasehold for the Debenhams store, and the freehold of both Clifton Moor and Westgate. They have an average of 14 years left on their leases.

Zvi Noe, director of investments at BMO told Property Week: “From the outset we were attracted to the blend of assets in the portfolio. Together they provide a high quality and lengthy income profile, as well offering medium term asset management. We remain acquisitive and we are hopeful of identifying similar opportunities in the near future.”

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