LaSalle acquires Morgan Quarter

Published:  15 May, 2017

Helical sells Cardiff centre for £55m

Global real estate investment manager, LaSalle Investment Management, has acquired The Morgan Quarter in Cardiff from Helical plc, for £55m on behalf of the Greater Manchester Pension Fund.

Helical acquired the former David Morgan Department Store and two Victorian arcades in 2005. Since then it has undertaken a refurbishment programme, delivering more than 300,000 sq ft of retail and office space which is let to a number of established retailers and local businesses including White Stuff, Jack Wills, Urban Outfitters and Molton Brown. An additional 56 residential apartments were built above the retail space and have since been sold.

Tom Rose, fund manager at LaSalle Investment Management said: “This acquisition corresponds to the Fund’s strategy of buying large, high quality, dominant assets as we continue to grow the portfolio. The Morgan Quarter is a landmark building within Cardiff City Centre providing a unique shopping environment that demonstrates our view of the future of high street retailing.”

La Salle Investment Management was advised by Savills.  JLL advised Helical.

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