International property developer Ballymore has exchanged contracts to acquire the Broadwalk shopping centre in Edgware, north London, from Aberdeen Standard Investments.
Although financial details were not disclosed, the deal is thought to be valued at around £75 mln (€83 mln).
The transaction will see Ballymore take the freehold interest of the 190,000 sq ft (17,650 m2) shopping centre, which sits on a 13-acre site next to Edgware Underground Station.
Ballymore is looking to redevelop the area into a mixed-use project, according to Sean Mulryan, chairman and group chief executive.
‘Connected by the Northern Line to central London, this is a fantastic area with incredible potential for a mixed-use development with new homes, shops and businesses. We’re looking forward to collaborating closely with the local community and the council to evolve this town centre into a place that is fit for the future and ready to deliver what our communities want and need on their doorstep,’ he said.
Knight Frank acted for Aberdeen Standard Investments on the transaction; Ballymore was unrepresented.
