International investor acquires Manchester retail park
International investment giant PGIM has acquired Manchester Fort retail park from Nuveen.
Located 1.5 miles north of the city centre, the 325,000 sq ft scheme comprises 36 units and is home to retailers such as Next, Boots, H&M, M&S, and TK Maxx.
The acquisition adds to more than £100bn worth of assets currently under PGIM’s management, including other assets in the North West such as the Lampwick Quay residential development in Manchester.
In 2020 Nuveen said it planned to diversify the offer at Manchester Fort and a strategic generation framework for the scheme was drawn up. Included in the proposals was the redevelopment of the B&Q store into a flexible retail space and a cinema, and the creation of a hotel on the site of the Halfords store.
This reimagined scheme would also include an increased food and beverage offer, adding to the existing F&B tenants at the retail park such as KFC, Nando’s, and Greggs.