Invista Real Estate buys Luton Galaxy for £21m

Invista Real Estate, the largest listed property investment manager in the UK, has acquired The Galaxy leisure complex in Luton town centre for £21m on behalf of its client Invista Foundation Property Trust. The Galaxy is anchored by a 10 screen Cineworld, Nandos restaurant, Weatherspoons and Namco. Invista Real Estate plans to make The Galaxy more family oriented and has committed to invest over £1m. A new management team is in place at The Galaxy working closely with Luton’s town centre management team and other stakeholders. The existing tenants have welcomed the change of ownership and are participating in discussions with Invista about their proposals. Briant Champion Long is marketing the three vacant units to restaurant operators and hopes to make an announcement on new occupiers soon. Invista Real Estate’s acquisition follows other major investment in the town centre such as the £2m redevelopment of St. Georges Square, linking The Galaxy to the Mall shopping centre, which is itself benefiting from a major new extension.