Axa Real Estate sells major retail scheme in Macclesfield to Eskmuir
Published: 05 August, 2011
Axa Real Estate Investment Managers , on behalf of Friends Life, has sold the Grosvenor Shopping Centre in Macclesfield to Eskmuir Securities for £20.86m
The 88,000-sq ft shopping centre is located in the heart of Macclesfield town centre in Cheshire and comprises 45 units. Current occupiers include Boots,Argos, Fat Face and Vodafone, as well as the most recent tenant to take space at the centre, Brighthouse, which has signed a new lease for a double unit. Since acquiring the asset, Axa Real Estate has maintained an active management programme, including undertaking significant refurbishment works.
James Owen, senior fund manager at Axa Real Estate said: “Since acquiring the shopping centre, we have undertaken a number of asset management initiatives to enhance the value of the property. The proceeds of the disposal will enable us to reinvest into our client’s existing portfolio, where we have identified a number of opportunities to add value through redevelopment and refurbishment activity.”
KLM represented Axa Real Estate and Colliers International acted for Eskmuir Securities.
