AEW UK Investment Management (AEW) has announced that its urban real estate strategy (UREF), has acquired Windsor Yards shopping centre in Windsor in the south of England.
Financial details were not disclosed.
Located in Windsor town centre, next to Windsor Castle, the royal residence of Queen Elizabeth II, Windsor Yards covers 260,700 ft2 and comprises a mix of uses, including a hotel, supermarket, retail, car park and residential.
AEW said that the site offered 'exciting'asset management potential to ensure that it could best meet the needs of the town, and that it was looking forward to working with the Royal Borough of Windsor and Maidenhead (RBWM) Council in a public-private collaboration for its regeneration.
Nick Winsley and Charles Royle, joint portfolio managers of UREF at AEW said: 'Town centre high streets such as this in Windsor have undergone significant changes over the past 15 years driven by the continued closure of retail units, and the pandemic has only added to this fundamental shift.
'Windsor is a town of international renown, drawing visitors from across the UK and abroad to visit the royal residence, its historic centre and the surrounding area.
'Windsor Yards is an excellent opportunity to acquire real estate in a prime location with the potential to transform the site into a modern development that can better meet the needs of Windsor, its visitors and its community. We look forward to securing similar opportunities in the near future.'
Councillor Andrew Johnson, leader of the Royal Borough of Windsor & Maidenhead, said: 'We welcome AEW’s announcement and their investment in Windsor.
'Changes in retail and consumer habits, particularly as we emerge from the Covid-19 pandemic, are reflected in spaces like Windsor Yards and we look forward to working with AEW.
AEW is working with Bridgecore as development manager and was advised by TT&G and PSK Knighton.
