Midlands shopping centres acquired for £76m
Two Midlands shopping centres have been sold for £76m to Northdale Asset Management and US investor Magnetar Capital.
The partnership has acquired the One Stop centre in Birmingham and Corby Town Centre with plans to improve both assets.
Perry Barr-based One Stop has 80 units over 380,000 sq ft alongside 1,200 car parking spaces. The retail park is home to names such as Boots, Asda, JD Sports and a Nike outlet and is located next to a bus and railway station which was updated ahead of the 2022 Commonwealth Games.
Corby Town Centre in Northamptonshire attracts around seven million people each year to the centre, with 150 units across 700,000 sq ft filled with retailers such as Primark, TK Maxx and Boots. A retail park is also on the site alongside 750 parking spaces.
Jon Taylor, a partner at Northdale Asset Management, said: “These centres offer great potential with a strong rental profile, sharp focus on community and sizable, loyal customer bases.
“We are keen to improve the assets with lettings and regears already in hand. Population growth in Corby is compelling and the recent infrastructure improvements at Perry Barr have helped enhance the appeal of both assets from an investment perspective.”
Lunson Mitchenall commercial property agency advised the purchasers on the deal.
Joint managing director John Griffin said: “Following Northdale and Magnetar’s acquisition of Yate Shopping Centre in February, Lunson Mitchenall worked to strategically source targeted investment opportunities that provided an emphasis on community, a strong value offering and direction over the local shopping environment.
“We look forward to exploring future opportunities with Northdale and Magnetar in this sector.”
Sovereign Centros will continue to manage both of the shopping centres for the new owners.