Miller JV acquires Walnuts shopping centre in Kent

A joint venture, comprising UK builder Miller Developments, Ellandi and an unnamed Middle Eastern investment group advised by WW Advisors, has exchanged contracts to purchase the Walnuts Shopping Centre in Orpington, near London, from clients of Aberdeen Asset Management. The partnership is also buying the Crown House, an adjoining vacant former job centre, from Telereal Trillium. Financial details were not disclosed.

The new investment and development vehicle is looking to progress plans to construct over 60,000 sq ft (5,600 m2) of new retail space on the site of the former job centre, attracting new retailers to the town. More than £30 mln will be invested to reposition the shopping centre.

Miller Developments will manage the proposed 60,000 sq ft extension to the centre while Ellandi will asset manage the existing centre.

WW Advisors is a Kuwaiti-backed, UK-based company providing specialised real estate investment advisory and financing advisory services throughout Europe. 'With the Walnuts shopping centre, we have secured on behalf of our clients an investment with strong redevelopment potential in an attractive location,' said David Swan, managing director of WW Advisors.

Kitchen LaFrenais Morgan also advised on the purchase and has been retained to work on the existing scheme, which is currently let to retailers including Agros, Wilkinsons, Peacocks and 99p stores. It has also been charged with securing pre-lettings within the new development.

Ellandi is an investment management business, founded in early April 2008, by banker Morgan Garfield and asset management expert Mark Robinson. Ellandi specialises in sourcing off market transactions, including distressed debt opportunities, in conjunction with leading UK and European real estate investment partners.