M Core snaps up Coventry shopping centre
Royal London has completed the sale of the flagship Lower Precinct as major regeneration work gets underway in the city centre – part of efforts by the group to streamline its retail investments.
Lower Precinct comprises 221,600 sq ft of fully-let retail and leisure space and attracts over 8m visitors annually to leading brands such as H&M, River Island, New Look, Home Bargains, Superdrug, and Clarks.
The prominent city centre retail destination has been sold to Sheet Anchor Evolve, a London-based private property investment and management company within the M Core group.
The value of the deal has not been disclosed.
Former owners Royal London say the sale comes at a “pivotal time” for Coventry, as the long-awaited City Centre South regeneration scheme gets underway, coming with the potential for increased footfall from more than 1,500 homes set to be delivered by the scheme.
Clare Andrews, investment manager at Royal London Asset Management Property, said the firm had developed a “close business partnership” with Coventry City Council during its 15 years of ownership.
“This transaction marks the conclusion of a long-term active management programme at Lower Precinct. The centre is now performing strongly, supported by recent leasing momentum, and will be further enhanced by Coventry’s city centre regeneration,” she said.
“Last November, as part of the regeneration plans, we returned the much-loved local market to Coventry City Council, reinforcing our commitment to the community. We are proud to have worked closely with the Council as an important stakeholder during our ownership and look forward to seeing the city centre evolve into a modern, thriving commercial and residential destination as City Centre South unfolds.”
Sebastian MacDonald-Hall, chief investment officer for Europe at M Core Property added: “The acquisition of Lower Precinct is a significant addition to the M Core portfolio and reflects our commitment to investing in high-performing retail destinations across the UK. This asset complements our long-term strategy to deliver sustainable growth and value through active management and strategic positioning.”
Royal London Asset Management Property was represented by Knight Frank and Sheet Anchor Evolve was represented by Savills.
