InfraRed Capital Partners Limited, on behalf of its Active Fund III, has exchanged contracts to acquire St George’s Shopping Centre, Preston, from Aviva.
St George’s has 280,000 sqft of retail space with more than 100 shop units. Tenants include well-known brands such as M&S, River Island, H&M, New Look, WHSmith, The Body Shop, Poundland and Holland & Barratt.
InfraRed is a long-standing investor in UK shopping centres having managed three specialist shopping centre funds between 1998 and 2006. In 2011 it re-entered the UK shopping centre market after an absence of five years, and has since acquired seven in-town shopping centres totalling over 2.7m sqft of retail space, occupied by more than 600 tenants.
These are The Galleries in Bristol, Castle Mall in Norwich, St Johns and Clayton Square in Liverpool, Eastgate in Basildon, Mill Gate in Bury and now St George’s.
InfraRed says it invests heavily in its assets post-acquisition.