Benson Elliot announces the forward sale of 1-8 The Broadway, part of its Ealing (London) town center portfolio, (the “Arcadia Portfolio”) to Pramerica Real Estate Investors. The sale price is £37.4 million.
1-8 The Broadway is in the midst of a transformational re-development, which will convert the old Arcadia Shopping Centre–a tired, poorly configured, 27-unit enclosed center–into three contemporary stores fronting The Broadway. Major high-street retailers have signed up to take the entirety of the c. 100,000 ft² being delivered: Morrisons will open London’s first completely new, high quality ‘Fresh Market’ store in 47,000 ft² at ground level; TK Maxx will more than double its presence in the center to 43,000 ft²; and McDonalds will relocate from its current unit to take a prominent, 9,000 ft² corner store facing both The Broadway and High Street. Work on the project will be completed in the autumn of this year.
The 1-8 Broadway project marks the first phase of a comprehensive reworking of the 2.8 acre Arcadia Portfolio site. Benson Elliot initially acquired the Portfolio in December 2012, buying in 12-14 The Broadway to add to the estate in March 2013. The company’s total current investment in Ealing town center, including the June 2013 acquisition of Ealing Cross, a prime office property situated 600 meters further west on Uxbridge Road, amounts to c. £90 million.
Source: FTI Consulting