InfraRed Capital Partners has exchanged contracts for the purchase of Mill Gate shopping centre in Bury from Scottish Widows Investment Partnership.
The deal for the 400,000 sq ft centre, is worth £52m. It adds to Infrared’s portfolio in the region, which includes two shopping centres in Liverpool city centre, Clayton Square and St. John’s.
The firm also owns four other centres in the UK and is continuing its strategy of acquiring assets in the “top 100 UK retail destinations.” Like previous centres, Mill Gate was selected for its affordable rents, high footfall, and high potential for value addition.
Mill Gate has an annual footfall of close to 13 million and is the only covered retail environment in the vicinity. Infrared is planning to make investments in the centre which will benefit tenants and customers alike, as well as the entire town.
InfraRed has appointed the Hall Group to provide services as asset managers. Monroe K Asset Managers will perform duties as property managers.
Previous Post
Developer sought for Yorkshire Power Station Site
