LONDON-Warner Estates has, through its joint venture with the Bank of Scotland, bought the Grange Shopping Centre in Birkenhead for euro 126.4 million ($153.6 million). The 463,000-sf center, developed in 1976, is anchored by Marks & Spencer. Other major retailers with large units at the scheme include TJ Hughes, Littlewoods and WH Smith. The center also has a 475-space multi-story car park and it dominates the shopping provision in Birkenhead, the principal shopping destination on the Wirral.

The Agora Fund, the joint venture between Warner and Bank of Scotland, already owns seven other shopping centers in the Northwest, including the adjacent Pyramids Shopping Centre in Birkenhead. The aim is to merge the two centers and create a significant retail presence.

Warner Estates executives believe that with active asset management the two combined centers offer significant scope for rental income growth. Following Warner Estates’ recent announcement of a joint-venture with private property-development specialist Bride Hall, it claims to have the enhanced skills and experience to unlock the development potential of the enlarged scheme.

The Grange was sold by Performance Shopping Centres LP.

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