Angel Place shopping centre in Bridgwater has been taken over by new owners.
s under new ownership following an acquisition deal.
The centre's previous owner, European-based Real Estate Investments Nederland BV - a company holding a portfolio of six UK shopping centres and student accommodation properties - has been taken over by Irish family-owned business Martin Property Group.
The new owners acquired Angel Place as part of a national portfolio, which includes 1.2 million sq ft of retail space from Stichting Mars Pensioenfonds (SMP) - a Dutch Pension Fund. SMP decided to sell the company following the outcome of a strategic asset liability review.
Angel Shopping centre is home to a number of high street brands including Iceland, Poundland, Peacocks, Holland and Barrett, Wilko and The Works.
The other assets acquired as part of the deal include Clarendon Shopping Centre in Hyde; Exchange Shopping Centre in Rochdale; Ankerside Shopping Centre in Tamworth; Westside Plaza in Edinburgh; and Four Seasons Shopping Centre in Mansfield. The portfolio of student accommodation was also part of the transaction.
Gary Martin, of Martin Property Group, said SMP chose his family-run firm as it was "best able to support the long-term potential" of Angel Place - and the other shopping centres.
He said: “We are delighted to complete this transaction and become the custodians of these important assets in locations right across the UK, particularly at time where shopping centres require hands on asset management. We will be focused on stabilising, repositioning and where possible developing the assets further.
“We look forward to working with the councils in each of these locations as they will be an important part of the future success of these assets."
PwC acted as lead advisor on the transaction.
PwC deals partner Mark Addley added: “We are pleased to have successfully delivered this transaction which demonstrates there is continued interest in supporting and investing in UK high street assets underpinned by a solid strategy, even though we are facing challenging economic headwinds.”
Steven Lewis of Lewis & Partners acted on behalf of Martin Property Group alongside Mark Kingsley who is chief legal counsel to the Martin Property Group.
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