Orion Capital Managers has acquired the 51,000 m2 Trinity Walk shopping centre in the West Yorkshire city of Wakefield in the UK.
Orion Capital Managers has acquired the 51,000 m2 Trinity Walk shopping centre in the West Yorkshire city of Wakefield in the UK.
The financial details of the acquisition by Orion’s European Real Estate Fund IV were not disclosed. However, the transaction volume is believed to be around £150 mln (€180 mln).
Ares Management, together with Sovereign Land and Shepherd Construction, purchased Trinity Walk in a partially built state in 2009. They went on to complete the centre and brought pre-letting to 90% before it opened in May 2011. Trinity Walk is anchored by a Debenhams department store, a Sainsbury's superstore, and more than 50 shops including Next, H&M, ASDA Living, Argos and New Look.
'Since acquiring Trinity Walk out of bankruptcy during the depths of the recession, we are delighted to have completed its construction and created a highly successful, dominant retail destination with market-leading tenants that attracts well over 10 million shoppers a year,' said Wilson Lamont, partner of Ares Management.
'We look forward to progressing the expansion plans that have already been identified by Ares and Sovereign Land,' said Aref Lahham, managing director of Orion Capital Managers.
CBRE acted for Ares Management and Savills for Orion Capital Managers.
See the April 2014 edition of PropertyEU Magazine for a profile on Orion.