LaSalle adds Pavilions to its shopping basket

LaSalle Investment Management has acquired The Pavilions shopping centre in the west London town of Uxbridge.

The 32,600 m2 property was acquired from the Mall Fund for £64.5 mln (€74.5 mln).

The Pavilions comprise 87 retail units, 11 residential units and the town market. In addition, the property contains 3,850 m2 office accommodation provided across one 6-storey office building. The centre is 94% let.

The scheme is anchored by Marks & Spencer, TK Maxx, Wilkinson’s and Tesco, and includes a variety of independent and mass market retailers, some with direct access onto the high-street.

James Boyd-Phillips, head of retail at LaSalle: 'As part of our asset management strategy, we plan to enhance the current mix with complimentary retail offerings. Shopping centres in close proximity to the high street, like The Pavilions, are vital for maintaining and increasing footfall in city centres and an important asset for the local community.'

Knight Frank advised LaSalle Investment Management whilst CBRE advised The Mall Fund.