Primark signs deal to acquire Pavilions centre
FASHION chain Primark is reported to have signed a major deal to acquire Birmingham’s centrally-located Pavilions Shopping Centre.
Retail Week said the company had bought the centre, which covers about 250,000 sq ft, from the UBS Triton Fund.
No value has been put on the transaction but rumours of the deal have been circulating for a while and a figure of £60m was suggested last month.
Retail Week said UBS had been advised by property agent Savills and retail property specialist Kitchen La Frenais Morgan.
It is thought the company plans to convert half of the High Street centre, with the remainder let to other tenants.
The new facility would be one of the largest Primark stores in the country – its current largest store in the UK is its 150,000 sq ft shop in Manchester’s Market Street.
The Pavilions, which also includes access to the city’s Marks & Spencer store, together with H & M and Waterstones, used to be one of the city’s most prestigious shopping centres, however, the opening of the Bullring 10 years ago saw a mass exodus of retailers and the onset of recession robbed the facility of many more. There are currently whole levels of empty units.
The Disney Shop, Past Times, La Senza, LK Bennett, Red, Bratz, The Pier, Wolsey, Whittards, and Virgin have all had units at the centre at some point during its lifespan but it is now home to just a handful of retailers, which include Moss Bros, Evans, L’Occitane and Laura Ashley Home.
The centre was dealt a major blow in 2012 when struggling music, DVD and games retailer HMV shut its anchor unit. The unit, which fronts the centre, has been let on a series of short term leases.
What will happen to existing retailers and the food court on the top floor is unclear, although with the amount of empty units most could be accommodated.
