Genr8 enters JV with Japanese investor as it plans to regenerate UK town centres
Developer Genr8 has entered a partnership with Japanese investor Kajima to deliver several town centre regeneration projects.
The JV follows the launch of the £80m first phase of Rochdale Riverside, a 200,000 sq ft retail and leisure destination which has transformed the heart of the town centre with a host of new occupiers in a scheme designed by architect’s TP Bennett.
The scheme opened last year and features a 50,000 sq ft Marks & Spencer and a six-screen cinema alongside both national and local occupiers.
Having completed an £80m funding deal with M&G Investments to deliver the scheme, the partnership is now on site delivering the next phase which will see an additional £50m investment and deliver 240 apartments and a 146-bed Hilton hotel.
Richard Ingham of Genr8 said: “We’re making this announcement now because the partnership is focussed on successful delivery.
“Kajima and Genr8 have proven track records and Rochdale is proof positive that together we can deliver a new breed of town centres.
“The partnership wants to engage with public sector partners who are looking to bring about real physical and social change to their towns and city centres.”
Kirk Taylor of Kajima Partnerships said: “Having completed the first phase of Rochdale Riverside, we are really excited to be evolving our strategic partnership with Genr8.
“Based on our first-hand experience of working closely with local government and development partners, we are confident this ongoing partnership will provide a fresh and strong contribution to regeneration efforts across the UK.
“We believe that together, Kajima and Genr8 can bring both real expertise and financial resource to the Government’s ‘levelling-up’ agenda, for the benefit of communities around the country.”
As well as Rochdale Riverside, Genr8 is delivering the £200m Smithfield scheme, a new mixed-use quarter for the city of Stoke-on-Trent, where Genr8 has already delivered 200,000 sq ft of Grade A office, 151 Build-to-Rent apartments and a Genr8 owned Hilton Garden Inn Hotel.
Kajima manages over 75 social infrastructure assets/buildings in the UK with a gross value of about £5bn.
