Westside Plaza in Edinburgh is under new ownership, following the acquisition of its owners Real Estate Investments Nederland - a company holding a portfolio of UK shopping centres and student accommodation.
Irish family-owned business Martin Property Group has acquired the national portfolio, which includes 1.2 million square feet of retail space from Stichting Mars Pensioenfonds (SMP), a Dutch pension fund.
The other assets include Clarendon Shopping Centre Hyde, Exchange Shopping Centre Rochdale, Four Seasons Shopping Centre Mansfield, Ankerside Shopping Centre Tamworth, and Angel Place Shopping Centre Bridgwater. A portfolio of student accommodation was also part of the transaction.
Gary Martin, director of Martin Property Group, commented: “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.”
Tenants across the shopping centre portfolio include Odeon, Lidl, NHS, Sky, Iceland, Primark, EE and Home Bargains.
SMP decided to sell the company following the outcome of a strategic asset liability review.
PwC acted as lead advisor on the transaction.
PwC deals partner Mark Addley said: “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.”
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