Two U.K. assets sell for $1b
In separate deals, two U.K. assets have sold for more than $1 billion.
Hammerson Plc has agreed to acquire the new Grand Central shopping center in Birmingham, England, for £335 million ($477 million).
Grand Central, which opened in September 2015, provides 435,000 square feet of high-quality prime retail space. The retail center is close to fully leased, at 96 percent occupancy. Major tenants include John Lewis department store, Monsoon, Fat Face, Hobbs, The White Co., Cath Kidston, Joules, Kiehls, Jo Malone, L’Occitane and MAC.
A significant share of space is dedicated to restaurants and cafes across 20 casual dining brands including Carluccio’s, Yo Sushi, Pho, Ed’s Easy Diner, Caffe Concerto, Giraffe, Handmade Burger Co. and Tapas Revolution, many opening in Birmingham for the first time.
The retail project was developed by Network Rail and the Birmingham City Council as part of the £750 million ($1.1 billion)