UK property developer-investor Sovereign Land has acquired a majority stake in development management company Centros from investor clients of Delancey. Financial details were kept confidential.
UK property developer-investor Sovereign Land has acquired a majority stake in development management company Centros from investor clients of Delancey. Financial details were kept confidential.
Centros operates as a fee-based development manager on behalf of third parties. The company delivers complex retail projects on behalf of institutional and third-party owners and investors as well as retailers through its development and asset management platforms. Recent projects include the development of the Arc Shopping Centre in Bury St Edmunds and N1 Islington, London. Centros is also the appointed developer on Portsmouth Northern Quarter and Lancaster City Centre.
'In terms of skill base, roles and age profile it’s a perfect fit,' said Chris Geaves of Sovereign Land. 'The Centros business has a very experienced team with a strong existing client base. We aim to grow the development management/asset management side of the business across the whole retail sector, while Sovereign maintains its appetite for new development and investment propositions across the sector with its investing partners.'
Sovereign Land specialises in retail and mixed use assets and is the developer of Trinity Walk shopping centre in Wakefield - one of only three new shopping centres to open in 2011 - in partnership with Area Property Partners and Shepherd Construction. In 2011, it acquired Ayr Central shopping centre in partnership with Area.
Centro currently manages three projects, Arnison shopping park in Durham, Portsmouth in the northern quarter of the city and Hoddeson in the town centre.
