REIT Asset Management Completes Pounds 100-M Blackburn Retail Deal

LONDON-REIT Asset Management has paid Standard Life Investments over £100 million for the Blackburn shopping centre in Blackburn, Lancashire. The purchase was structured through Blackburn Centre LP, a Delaware-registered limited partnership established by REIT Asset Management.

Blackburn Shopping Centre was originally constructed in 1967, and is held on a long leasehold from Blackburn Borough Council for a term of 150 years from 1993. It provides approximately 535,000 sq ft of covered retail accommodation and has recently seen a substantial refurbishment.

Major tenants include: Debenhams; WH Smith; BHS; Woolworths; TJ Hughes; Boots the Chemist; Argos and Tesco Metro. It also has 124 separately let retail units and a night club, as well as a 1,100-space multi-storey car park.

Addleshaw Goddard advised the purchaser.