LONDON, 15 February, 2016 – CBRE Global Investors and Universal-Investment have completed the acquisition of Lion Walk Shopping Centre in Colchester, Essex, U.K. on behalf of German pension fund Bayerische Versorgungskammer (BVK) from Sovereign Centros and Ares Management for £76.5 million
Lion Walk is Colchester’s prime retail pitch and main fashion destination. The 205,000 sq ft centre serves a strong, growing catchment population of more than 126,000 people and more than 4.5m tourists a year.
It comprises more than 40 shops, with 86% of the income leased to high profile national multiple retailers including Marks & Spencer, BHS, Boots, WH Smith, New Look, Topshop/Topman and River Island. A new 60,000 sq ft Primark store is due to open in the first quarter of 2017, cementing the scheme as Colchester’s prime pitch for the foreseeable future.
Tom Gamble, Director, CBRE Global Investors, commented, “Lion Walk provides us with an opportunity to secure a good quality shopping centre located in the prime pitch within Colchester. The town is forecast to see above average population growth over the next decade. The scheme is already well let however we see further potential to improve the tenant mix and increase rents following the opening of Primark next year.”
Harald Floeer, Director Portfolio Management, CBRE Global Investors said, “The acquisition of Lion Walk is a good example of our strength in the retail sector and demonstrates our ability to add value for our clients.”
Alexander Tannenbaum, Managing Director at Universal-Investment in charge of the Real Estate division explains, “German institutional investors are still internationalizing their real estate allocations”. Since 2011 Universal-Investment invested about EUR 2 billion in real estate abroad on behalf of institutional investors.
CBRE Global Investors was advised by Savills, CBRE acted for the vendor.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
Past performance is not a guarantee of future performance.
With fund assets in excess of about EUR 260 billion under administration, thereof EUR 220 billion in own vehicles, over 1,000 funds and investment mandates and a workforce of around 600, Universal-Investment is the largest independent investment company in German-spoken Europe. The focus lies on the efficient and transparent administration of funds, securities, real estate and alternative asset classes. Universal-Investment is the central platform for independent asset management and combines the investment expertise of boutiques, private banks, international asset managers and investment firms to offer an exceptional collection of first-class private label funds. Universal-Investment was founded in 1968 as subsidiary of several well-known private banks. The company is headquartered in Frankfurt/Main and has subsidiaries and holdings in Luxemburg and Austria. As pioneer of the investment industry Universal-Investment is now market leader in the areas of master-KVG and private label funds. Members of the management board are Oliver Harth (deputy spokesman), Markus Neubauer, Stefan Rockel, Alexander Tannenbaum and Bernd Vorbeck (spokesman of the management board). (As per 31 December 2015)
More information on www.universal-investment.com