Eurofund acquires £70m Bradford shopping centre
Eurofund Group has completed the acquisition of The Broadway in Bradford from the scheme’s joint fixed charge receivers.
The centre becomes Eurofund’s first-ever wholly-owned investment, with the group also taking over as asset manager.
Upon acquisition, Eurofund is planning to invest £10m into an asset enhancement plan as it looks to improve the leasing mix and customer experience.
Spanning approximately 570,000 sq ft, The Broadway was originally developed by Westfield and launched in 2015. The scheme is anchored by Primark, JD Sports, H&M, Next, Flip Out, and The Light Cinema.
Although the acquisition price was not disclosed, it had been previously reported that Eurofund was looking to acquire the scheme for over £70m. The purchase was funded with financing support from BGO.
Ion Saralegui, CEO of Eurofund Group, said: “The acquisition of The Broadway marks a major milestone for Eurofund Group as our first-ever solo investment and a significant step in expanding our UK footprint. It reflects our ambition to act as a proactive investor and developer, focused on retail assets with the potential to become dominant catchment destinations. Building on the successful repositioning of Silverburn, we see a unique opportunity to continue unlocking long-term value and delivering tangible impact.”
David Shepherd, strategic director for place at Bradford Council, added: “We are delighted the Eurofund Group has recognised our commitment to delivering an impressive programme of regeneration projects, high-quality transformative place shaping and the delivery of outstanding, award-winning public realm. This is a significant vote of confidence in the future of Bradford city centre. Broadway is a key part of Bradford’s ambitious, ongoing redevelopment”.
Savills acted for the joint fixed charge receivers.