LONDON: British property company Warner Estate Holdings Plc. has acquired the Pallasades Shopping Centre in Birmingham for 151.5 million pounds. The property belonging to Capital & Regional Properties Plc. has been bought through a new fund, Agora Max Shopping Centre Fund, created by Warner Estate Holdings and Bank of Scotland.
The shopping centre was being managed by Capital & Regional Properties' The Mall Shopping Centre Fund jointly with Morley Fund Management. The 289,725 sq.ft. property is located above Birmingham's New Street railway station. It has 88 retail units occupied by retailers such as Argos, HMV and Woolworths.
Warner Estate Holdings said it has created the Agora Max Shopping Centre Fund with a view to take up ownership of high worth properties and shopping centres across the country and produce returns on investments. The company had made an unsuccessful attempt to buy Birmingham's Pavilion shopping centre last year. Its operations director Michael Stevens said the company is committed to the regeneration of the property on a design that works from a commercial, logistical and engineering points of view. The current management team of Pallasades will not be disturbed.
Warner Estate Holdings had earlier bought 95.500 sq.ft. Ladywood House office block, which is leased to the government until 2018.
Posted
on : Wed, 26 Oct 2005 12:10 GMT | Investments News
By : Mike Lawson
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