In what is believed to be the first time a German fund has acquired a retail centre in the UK, Commerz Bank has bought the Arcades Shopping Centre in Ashton-under-Lyne, Greater Manchester, on behalf of Haus Invest.
The bank paid Dutch developer MAB £35m for the long leasehold on the 17,000sq m (182,992sq ft) centre. The scheme which was completed in October 1995, is 80% let and includes a bus station and parking for 560 cars.
The sale is part of a package which also included the transfer of MAB’s Barones shopping centre in Breda, Netherlands.
Donaldsons advised MAB on the sale. DTZ Debenham Thorpe advised CGI, the investment arm of Commerz Bank which acted for Haus Invest. DTZ has also been retained as the centre’s letting agent.
In June,MAB was selected as developer for a 42,735sq m (460,000sq ft) scheme in High Wycombe, which includes 21,367sq m (230,000sq ft) of retail. The firm recently reached the short lists for the redevelopment of Railtrack’s Richmond Station site in Surrey, and the Parkfield Street site in Islington, London N1. It was unsuccessful in the final round of both bids.
EGi News 22/08/96
