Grosvenor Sells UK Shopping Centre to TIAA-CREF
US-based TIAA-CREF has acquired a UK shopping centre from Grosvenor Fund Management. The 100,000-square-metre Festival Place Shopping Centre in Basingstoke was acquired from Grosvenor Festival Place Fund. Terms of the transaction were not disclosed.
“The sale of Festival Place to TIAA-CREF reflects the winding-down of Grosvenor Festival Place Fund, which soon comes to the end of its life. We will now be looking to reinvest Grosvenor’s share of the sale proceeds back into the UK retail sector,” says Tony Christie, head of retail at Grosvenor Fund Management.
The property was redeveloped by Grosvenor in 2002. It has approximately 175 shops and is anchored by Debenhams, Marks & Spencer and a 10-screen Vue Cinema. Other tenants include Apple, H&M, Next, River Island, Superdry, Top Shop/