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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.