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U.K. retail property changes hands for £99m

by Zoë Wolff

Legal & General Property and Wrenbridge have acquired the Grafton Centre in Cambridge, England, for approximately £99 million ($154.7 million) from M&G Real Estate. The U.K. retail property was built in 1980 and renovated in 2011. The two-story, 460,000-square-foot shopping mall is home to major clothing stores such as Debenhams, H&M, Next, Topshop and River Island. Retail sales volume in the East of England region has hovered around £64 million ($100 million) in the first and second quarter of 2015. This has been a significant drop for the second quarter, which saw transaction volume of £308 million ($481 million) in second quarter 2014. So far this quarter, the Grafton Centre has been the only significant retail sale.

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