(origineel Engelstalig persbericht)
CBRE Global Investors, on behalf of its investors, has exchanged contracts to acquire Angel Shopping Centre in Islington, London, N1. The vendor was Warburg-HIH Invest Real Estate (Warburg-HIH Invest, formerly: Warburg – Henderson). The transaction was managed by TH Real Estate.
The Angel Shopping Centre (formerly known as N1 Shopping Centre) was opened in 2002. The scheme occupies a large freehold site extending to approximately 150,000 sq ft, including 60,000 sq ft of leisure accommodation together with 100 car parking spaces.
The centre is 95% occupied and is arranged over ground, first and second floors. The 16 retail units are anchored by a 20,000 sq ft H&M and a 42,800 sq ft nine screen Vue Cinema. Other notable tenants include GAP, French Connection, Tiger, Oasis, Monsoon and Academy Music Group. There is also a strong leisure element with six restaurants and bars.
Located in the prosperous central London borough of Islington, two miles from the City of London, the centre has excellent transport links situated opposite Angel tube station. It will benefit from the Crossrail project with Farringdon station only one mile away.
Islington is the most densely populated area in the UK. It has a young, affluent demographic with a population set to increase by a further 14% over the next 15 years, well ahead of the national average. Car ownership is the second lowest in the UK and residents spend much of their disposable income within the borough.
Tom Gamble, Director, CBRE Global Investors commented:
“This is an exciting opportunity to acquire a well let scheme in an affluent Zone 1, location. We expect strong occupational demand to enable us to continue to improve the tenant mix over time and to drive future rental growth.”
John Mulqueen, Head of EMEA Transactions, CBRE Global Investors added:
“We have secured an exceptional shopping centre in a vibrant and growing area of Central London against strong competition. We have exciting plans for this asset. The scheme will provide excellent prospects for a long term secure cash flow which meets our investors return criteria.”
CBRE advised CBRE Global Investors and TH Real Estate were advised by Cushman & Wakefield.