UK-based real estate fund manager Benson Elliot has acquired a shopping centre in the English city of Wolverhampton for €59 mln.
UK-based real estate fund manager Benson Elliot has acquired a shopping centre in the English city of Wolverhampton for €59 mln.
The Mander Centre, previously owned by Mander Investments, generates a net yield of 6.5%, which is expected to rise to between 8.5% and 9% following a comprehensive reconfiguration programme.
The city centre mall has a total area of 57,600 m2 with 103 retail units, 5,100 m2 of office space and a multi-storey car park.
Planning permission was secured in June for an 8,350 m2 new-build anchor store, pre-let to Debenhams, and nine larger format units arranged around a new atrium and reconstructed shopping centre.
Existing tenants include Boots, BHS, New Look, H Samuel and Starbucks.
Marc Mogull, managing partner at Benson Elliot, said: ‘With committed ownership, strong in-house retail expertise and a focussed capital programme, we believe there is a significant opportunity to rejuvenate the Mander Centre, making it once again the centrepiece of a thriving Wolverhampton city centre.’
Jackson Criss advised Benson Elliot, while Cushman & Wakefield acted for Mander Investments.