AXA Real Estate sells major retail scheme in Macclesfield to Eskmuir (UK)

AXA Real Estate Investment Managers, the leading real estate fund and asset manager in Europe with €39.4 billion of assets under management as at March 2011, has sold the Grosvenor Shopping Centre in Macclesfield, on behalf of its client Friends Life Company Ltd, to Eskmuir Securities Ltd. The property was sold for £20.86 million (€23.9 mln.).

Grosvenor Centre Macclesfield

The 8,150 m² shopping center comprises 45 units.

The 88,000 ft² (8,150 m²) shopping center is located in the heart of Macclesfield town center 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 center, 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 center, 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."

Paul Hodgson of Eskmuir, said: "We are delighted with this acquisition and are very excited about working with the existing tenants, and key stakeholders to enhance the shopping center's role as the retail heart of the town, through the attraction of new retailers."

KLM represented AXA Real Estate and Colliers International acted for Eskmuir Securities.

Source: FD

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