Benson Elliot Capital Management has exchanged contracts with administrator Grant Thornton of Glenkerrin for the £38 mln (EUR 47 mln) acquisition of the Arcadia Site, the major part of a 2.8-acre island-block in Ealing town centre, West London.
Benson Elliot Capital Management has exchanged contracts with administrator Grant Thornton of Glenkerrin for the £38 mln (EUR 47 mln) acquisition of the Arcadia Site, the major part of a 2.8-acre island-block in Ealing town centre, West London.
The site, which comprises the Arcadia shopping centre and a number of adjacent high-street retail units, dominates the heart of Ealing's Broadway retail pitch. On completion of the transaction, Benson Elliot plans to undertake a phased redevelopment, details of which will be provided in due course.
The majority of the site had been owned by Irish developer Glenkerrin which went into administration last February after it was unable to pay back loans to Ireland's NAMA bad bank.
'This is a great opportunity to revitalise a key part of Ealing’s town centre and we look forward to working with Ealing Council and the local community to realise its potential,' said Phil Irons, partner at Benson Elliot.
London & Associated Properties and GCW advised Grant Thornton in the transaction, whilst Strutt & Parker advised Benson Elliot.
