German fund buys Lion Walk
Published: 15 February, 2016
CBRE Global Investors and Universal-Investment buy Lion Walk shopping centre In Colchester
CBRE Global Investors and Universal-Investment have completed the acquisition of Lion Walk shopping centre in Colchester on behalf of German pension fund Bayerische Versorgungskammer (BVK) from Sovereign Centros and Ares Management for £76.5m.
Lion Walk is Colchester’s prime retail pitch and main fashion destination. The 205,000-sq ft centre serves a strong, growing catchment population of more than 126,000 people and more than 4.5m tourists a year.
It comprises more than 40 shops, with 86 per cent of the income leased to national multiple retailers including Marks & Spencer, BHS, Boots, WH Smith, New Look, Topshop/Topman and River Island. A new 60,000-sq ft Primark store is due to open in the first quarter of 2017, cementing the scheme as Colchester’s prime pitch for the foreseeable future.
CBRE GI director Tom Gamble said: “Lion Walk provides us with an opportunity to secure a good quality shopping centre located in the prime pitch within Colchester. The town is forecast to see above average population growth over the next decade. The scheme is already well let however we see further potential to improve the tenant mix and increase rents following the opening of Primark next year.”
CBRE Global Investors was advised by Savills, CBRE acted for the vendor.