Capital Shopping Centres has bought the remaining 25% of the Broadmarsh Centre in Nottingham.
CSC has paid Possfund Custodian Trustee, represented by LaSalle Investment Management, £18.3m for its stake in the 487,000 sq ft centre.
This follows its agreement earlier this month to buy Westfield’s 75% interest in Broadmarsh for £55m.
CSC will now own 100% of the Broadmarsh Retail Limited Partnership, which owns the centre.
CSC already also owns the Victoria Centre in the city, and has submitted a planning application for a 540,000 sq ft extension to increase it to 1.5m sq ft.
David Fischel, CSC’s chief executive, said: “Common ownership of Victoria Centre and Broadmarsh greatly improves the prospect of transformational retail- and leisure-led development taking place within the city to the benefit of the local and wider Nottingham community.
“The Victoria Centre has been at the heart of Nottingham for over 40 years, and this acquisition further underlines our commitment to the city, which is one of the UK’s top ranking retail destinations. We look forward to working with Nottingham City Council on this exciting opportunity.”
Broadmarsh has 80 stores and is anchored by Bhs, Argos, Boots and Wilkinsons.
julia.cahill@estatesgazette.com
