The Oglesby family has called the bottom of the shopping centre slump after spending almost £23m on two struggling malls.
Bruntwood, the Manchester-based company controlled by the family, has bought Stratford Mall and the Stamford Quarter in Trafford in a 50:50 joint venture with Trafford Council. Each has invested £22.5m in the centres and adjacent land suitable for development.
Chief executive Chris Oglesby said: “We believe that these two assets, assuming they get proactive investment, have reached the lowest point in their value and their value today represents a huge opportunity.”
Bruntwood plans to scale back the amount of retail and increase the proportion of residential and office space.
The Oglesbys, worth an estimated £667m, are one of the country’s biggest property investing families, with over £1bn in real estate assets.
Meanwhile Prologis has spent £51m buying a shopping centre in Edmonton from M&G’s shuttered fund, with plans to turn it into a warehouse park.
