Crown Estate completes the purchase of Fosse Shopping Park in Leicester for £345.5 mln (approx. €431 mln) and established a partnership with Gingko Tree Investment Ltd. Both organisations will take a 50% stake in Fosse Park through an English Limited Partnership, with The Crown Estate managing the asset on behalf of the partnership.
Paul Clark, Director of Investment said: “Our critical mass and specialist skills in the retail park sector have been key in helping us secure this landmark partnership, which brings our total third party funds managed in joint ventures to over £1 bln (approx. €1.25 bln) and further strengthens our ability to invest across our core sectors.”
Fosse Park attracts over eight million shoppers a year and at 560,000 ft² (approx. 52,000 m²) is one of the largest in the UK. Current tenants include: M&S, GAP, New Look, Clarks, Boots, Next, River Island, Argos, DFS, Thorntons and Costa Coffee.
The acquisition is the largest in The Crown Estate’s history and further strengthens its position as one of the UK’s leading owners of prime regional retail property. Their portfolio also includes 16 retail parks in places such as Newcastle, Aintree, Nottingham, Swansea, and Cheshire with a total capital value of over £1.2 bln (approx. €1.5 bln).
James Cooksey, Head of Regional Portfolio said: “Fosse Shopping Park is one of the best assets of its kind, combining a prime location, with both scale and opportunities to enhance performance through active management. At Fosse Park we intend to bring the same vision and progressive approach to management as we are known for across our regional retail holdings and in London’s West End.”
Source: The Crown Estate