Investor acquires joint venture partner’s stake in major shopping centre
M&G Real Estate has increased its stake in a landmark Bristol shopping centre.
The investor has completed the acquisition of its joint venture partner’s interest in Cribbs Mall, which has anchor tenants including John Lewis, M&S and Next.
The acquisition brings Cribbs Mall back under the ownership of its original investors M&G Real Estate and Baylis Estates who funded the shopping centre’s construction in 1998.
M&G Real Estate has now appointed experienced retail asset managers CBRE Sovereign Centros as its operating partner.
Scott Linard, portfolio director at M&G Real Estate, said: “As long term investors in Cribbs Mall we are delighted to increase our stake in the shopping centre. The centre is close to being fully let and with footfall and sales continuing to rise it is one of the most successful shopping centres in the UK and we hope to continue this fantastic momentum the team have been building.
“With the increased investment taking place across this area of Bristol, including the opening of the new Wild Place Bristol Zoo and the redevelopment of Filton Airport, it is an exciting time for Cribbs Causeway, and we are looking forward to working with other key stakeholders to ensure we continue to attract visitors from across Bristol, the South West, Wales and West Midlands.
“This wide catchment area has allowed us to attract established retail, leisure and F&B occupiers to Cribbs over the years allowing us to have a diverse offering which keeps customers coming back. We will be working with CBRE Sovereign Centros to ensure that Cribbs Mall continues to provide the optimum environment for our retailers to grow and thrive.”
Time Retail Partners and Cushman & Wakefield continued to be the retained letting agents for Cribbs Mall.
