Ardent exchanges to acquire Solihull shopping centre
US investor Ardent has exchanged contracts to buy Lendlease’s 650,000 sq ft Touchwood shopping centre in Solihull.
Ardent placed the mall under offer for around £90m in March, reflecting a net initial yield of about 10%.
The centre’s tenants include John Lewis, which operates a four-floor department store at the mall, as well as Apple, H&M, Zara, Next and a Cineworld cinema.
US investor Ardent has exchanged contracts to buy Lendlease’s 650,000 sq ft Touchwood shopping centre in Solihull.
Ardent placed the mall under offer for around £90m in March, reflecting a net initial yield of about 10%.
The centre’s tenants include John Lewis, which operates a four-floor department store at the mall, as well as Apple, H&M, Zara, Next and a Cineworld cinema.
It is understood that Sovereign Centros is being lined up as the asset manager for the shopping centre.
The acquisition, backed by Ardent’s Strategic Fund I, is the investor’s second since launching its London office in January. It follows a deal to acquire 1.4m sq ft of industrial space from M7 Real Estate in March.
Ardent said it is “actively exploring opportunities to acquire and reposition high-performing assets across other UK property sectors”, including retail, logistics, offices and BTR.
Matt Shulman, chief executive at The Ardent Companies, said: “Touchwood is in a particularly strong location and already has an impressive retail and leisure line-up.
“The opportunity to work closely with top brands, Solihull Council and the community at an exciting time for the wider area was an important part of our decision to invest.”
Knight Frank acted for Ardent on the transaction, while CBRE acted for Lendlease.
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