Meyer Bergman buys Ilford Exchange for £71m
Published: 11 June, 2010
Meyer Bergman has bought The Exchange Shopping Centre, Ilford, from the Mall Fund for around £71m, representing a net initial yield in excess of 8.2 per cent.
The 270,000-sq ft Exchange Shopping Centre comprises over 80 retail units, and major tenants include TKMaxx, New Look, Debenhams and WHSmith. The centre also benefits from a 1,200-space car park.
Meyer Bergman has already identified a number of possible asset management initiatives for the centre, which will support its long-term aim of driving value from the asset principally by reconfiguring the tenant mix to appeal to the local population, thereby increasing its dominance within its catchment area.
Markus Meijer, chief executive of Meyer Bergman, said: “The acquisition of The Exchange Centre supports our strategy of acquiring well located assets where we see potential for strong growth through active asset management. It also reflects our belief that there are still pockets of value to be found in the UK market, despite the recent increase in valuations.
“This deal is our second acquisition of a Greater London shopping centre this year and we continue to look for further opportunities in the UK and Continental Europe, and hope to announce further transactions shortly.”
