CBRE Global Investors and Universal-Investment have completed the acquisition of the Lion Walk shopping centre in Colchester, Essex, UK on behalf of German pension fund Bayerische Versorgungskammer (BVK) for £76.5 mln (€98 mln).

CBRE Global Investors and Universal-Investment have completed the acquisition of the Lion Walk shopping centre in Colchester, Essex, UK on behalf of German pension fund Bayerische Versorgungskammer (BVK) for £76.5 mln (€98 mln).

The acquisition, which was carried out from vendors Sovereign Centros and Ares Management, is believed to represent CBRE GI and Universal-Investment's first joint operation.

Lion Walk is Colchester’s prime retail pitch and main fashion destination. The 205,000 sq ft (19,050 m2) centre comprises more than 40 shops, with 86% of the income leased to national retailers including Marks & Spencer, BHS, Boots, WH Smith, New Look, Topshop/Topman and River Island. A new 60,000 sq ft Primark store is due to open in the first quarter of 2017.

Tom Gamble, director at CBRE Global Investors, commented, 'The scheme is already well let, however we see further potential to improve the tenant mix and increase rents following the opening of Primark next year.'

Alexander Tannenbaum, managing director at Universal-Investment in charge of the Real Estate division added, 'German institutional investors are still internationalizing their real estate allocations'. Since 2011 Universal-Investment invested about €2 bn in real estate abroad on behalf of institutional investors.

CBRE Global Investors was advised by Savills, CBRE acted for the vendor.