Doughty Hanson & Co Real Estate ("Doughty Hanson") announced today that it has completed the acquisition of Old George Mall in Salisbury from the Salisbury Partnership, a joint venture between clients of PRUPIM and Rockspring, in a £60 million (60.3 mln.) transaction.
The acquisition of Old George Mall is the eleventh investment for Doughty Hanson's 590 million fund, Doughty Hanson & Co European Real Estate II (the "Fund"). Other Fund investments in the UK include Blythe Valley Park, the premier business park in the Midlands, Kings Hill Business Park in Kent, and Howick Place, a 220,000 ft² mixed-use development in Victoria, London.The 137,000 ft² (12,680 m²) shopping center is situated in a prime location in the center of Salisbury, an affluent cathedral city with a population catchment in excess of two million and more than three million day visitors per year. Old George Mall comprises 57 retail units occupied by major national retailers including Bhs, WH Smith, Mothercare and New Look, as well as a 565-space multi-story car park. Marks & Spencer is an adjoining anchor.
Kevin Grundy, a Principal with Doughty Hanson, commented: "This is an attractive opportunity consistent with our strategy of focusing on assets with significant value creation potential and defensive characteristics. Over the last eight years, Doughty Hanson has invested in 12 shopping centers throughout Europe comprising 3 million ft² and a total acquisition value of 570 million. We intend to apply our expertise in the retail sector to Old George Mall to enhance the shopping experience for the local community and visitors, and to realise the full potential of the property."
Source: Capital MS&L