US-based real estate investment and asset management firm Ardent has agreed to acquire the Touchwood shopping centre in Solihull, UK, from Lendlease Retail Partnership (LLRP), an investment fund managed by Lendlease.
Although financial details were not disclosed, the asset is believed to be worth around £90 mln (€105 mln).
Touchwood shopping centre is Solihull’s primary retail pitch, attracting an annual footfall of 13 million. The deal will see Ardent acquire 650,000 sq ft (60,390 m2) of high-quality retail, restaurant and leisure space anchored by the only John Lewis store in region, and including the town’s sought-after Crescent Arcade.
The acquisition, backed by Ardent’s Strategic Fund I, is the investor’s second since launching its London office in January, following its deal to acquire 1.4 million sq ft of industrial space from M7 Real Estate in March 2021.
In alignment with the asset strategies that Ardent targets in the US, Ardent is actively exploring opportunities to acquire and reposition high-performing assets across other UK property sectors, including, retail, logistics, offices and BTR, and to work with best-in-class asset managers to drive the value of its investments.
Matt Shulman, CEO at The Ardent Companies, commented: ‘Touchwood is in a particularly strong location and already has an impressive retail and leisure line up. The opportunity to work closely with top brands, Solihull Council and the community at an exciting time for the wider area was an important part of our decision to invest. We’re looking forward to bringing our expertise and experience to the table to continue improving the retail environment at Touchwood.’
Knight Frank acted for Ardent on the transaction, and CBRE acted for Lendlease.
