Benson Elliot Capital Management ('Benson Elliot'), the UK-based private equity real estate investor, announces that it has exchanged contracts with Malcolm Shierson and Martin Ellis of Grant Thornton acting as Joint Administrator of Glenkerrin (UK) Limited and Joint LPA receiver over the assets of The Broadway Partnership for the acquisition of the Arcadia Site, the major part of a 2.8-acre island-block in Ealing town center, West London.
The site, which comprises the Arcadia shopping center and a number of adjacent high street retail units, dominates the heart of Ealing's Broadway retail pitch. On completion of the transaction, Benson Elliot plans to undertake a phased redevelopment, details of which will be provided in due course.
Phil Irons, Partner at Benson Elliot, said: "This is a great opportunity to revitalize a key part of Ealing's town center and we look forward to working with Ealing Council and the local community to realize its potential."
Malcolm Shierson of Grant Thornton, added: "This is a strategically important site for Ealing and we are pleased to have found a purchaser whose aspirations for the asset are aligned with its potential."
London & Associated Properties and GCW advised Grant Thornton in the transaction, whilst Strutt & Parker advised Benson Elliot.
Source: FTI Consulting