AXA Real Estate Investment Managers has sold the Grosvenor Shopping Centre in Macclesfield to Eskmuir Securities for £20.9m.
The 88,000 sq ft shopping centre, which was sold on behalf of Axa’s client Friends Life Company, is located in the heart of Macclesfield town centre in Cheshire.
The mall has 45 shops with occupiers including Boots, Argos, Fat Face and Vodafone.
Since acquiring the asset, AXA Real Estate has maintained an active management programme, including undertaking significant refurbishment works.
James Owen, senior fund manager at AXA, said: “Since acquiring the shopping centre, we have undertaken a number of asset management initiatives to enhance the value of the property.
“The proceeds of the disposal will enable us to reinvest into our client’s existing portfolio, where we have identified a number of opportunities to add value through redevelopment and refurbishment activity.”
Paul Hodgson of Eskmuir, said: “We are delighted with this acquisition and are very excited about working with the existing tenants, and key stakeholders to enhance the shopping centre’s role as the retail heart of the town, through the attraction of new retailers.”
KLM represented AXA Real Estate; Colliers International acted for Eskmuir Securities.
bridget.o’connell@estatesgazette.com
