The company set to take over St George’s Shopping Centre in Preston has pledged to invest in the site to make it even more attractive to shoppers.
InfraRed Capital Partners Limited, on behalf of its Active Fund III, has exchanged contracts to acquire the shopping centre from Aviva for around £75m.
St Georges has 280,000 sq ft of retail space with more than 100 shop units and is accompanied by one of the city’s main car parks. Tenants include well-known brands such as M&S, River Island, H&M, New Look, WHSmith, The Body Shop, Poundland and Holland & Barratt.
Chris Huxtable, Head of European Real Estate at InfraRed Capital Partners, said: “We are delighted to be adding St Georges to our portfolio, the seventh centre we have acquired since re-entering the shopping centre market in 2011 and the third for our Active Fund III.
“St Georges is the dominant centre in the city of Preston, a Top 50 UK retail destination, where it attracts both top quality retailers and high annual footfall.
“We will be investing further in the centre, helping to make it an attractive place to shop, work and do business which will create the opportunity to bring new retailers to the heart of the city, benefitting tenants, customers and the city centre as a whole.”
InfraRed is a long-standing investor in UK shopping centres.
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.
These include The Galleries in Bristol, Castle Mall in Norwich, and St Johns and Clayton Square in Liverpool.