Wednesday, 24 June 2015
Schroders purchases Hammersmith’s Kings Mall shopping centre for €215.6 mln (UK)
Commercial investment entity, Matterhorn Palos Partnership, a joint venture between Matterhorn Capital and Brett Palos Investments, has sold Kings Mall shopping centre in Hammersmith, London, to Schroders UK Real Estate fund in a deal worth £153 mln (approx. €215.6 mln). As part of the sale, Schroders has also acquired One Lyric Square, an 8,175 m² fully leased office building, adjoining Kings Mall and a 1,000 space car park to the rear of Kings Mall.
First opened in 1980, Kings Mall, located off King Street in the centre of Hammersmith provides 31,587 m² of prime retail space with over 40 outlets and eateries including major national brands such as Sainsbury’s, H&M, River Island, Primark, Foot Locker, WH Smith and Holland & Barrett. Kings Mall benefits from a multi-storey car park, as well as a number of high-street banks and cafes fronting onto King Street.
Simon Conway, Chief Operating Officer at Matterhorn Capital, said: “This deal represents the culmination of the hard work undertaken to regenerate the Kings Mall Shopping Centre and revitalise Hammersmith High Street. Since the Partnership took ownership, alongside the joint venture development with Berkeley Group plc to build 420 new homes on the site, we have improved the interior and exteriors of the building and signed new leases with well known High Street retailers in the centre, which in turn has attracted a number of other big retailers to King Street and improved the commercial viability of the area.”