Ares Management LLC, together with Sovereign Land and Shepherd Construction, announced today the sale of the 550,000 ft² (approx. 51,100 m²) Trinity Walk Shopping Centre, located in Wakefield, Yorkshire, England, to Orion European Real Estate Fund IV sponsored by Orion Capital Managers LLP.
Since purchasing Trinity Walk in 2009, Ares Management, Sovereign Land and Shepherd Construction, have completed the partially built shopping center and created the popular retail destination it is today.
The Price of the transaction has not ben revealed but is thought to be somewhere in the region of £160 million (approx. €191.45 million)
Trinity Walk opened in May 2011 as one of only three new shopping centers in the UK that year, with over 90% of the floor space pre-let. The center is anchored by a Debenhams department store, a Sainsbury's superstore, and more than 50 shops including top brands such as Next, H&M, ASDA Living, Argos and New Look.
“Since acquiring Trinity Walk out of bankruptcy during the depths of the recession, we are delighted to have completed its construction and created a highly successful, dominant retail destination with market-leading tenants that attracts well over 10 million shoppers a year,” said Wilson Lamont, Partner of Ares Management.
“We look forward to progressing the expansion plans that have already been identified by Ares and Sovereign Land,” said Aref Lahham, Managing Director of Orion Capital Managers
CBRE acted for Ares Management LLC and Savills for Orion Capital Managers.
Source: Aylwin Communications