Praxis acquires Glasgow shopping centre
Praxis Group has acquired St Enoch Shopping Centre in Glasgow from a consortium of banks that included M&G and Morgan Stanley.
The 12-acre scheme sits at the intersection of Buchanan Street and Argyle Street and comprises over 800,000 sq ft of retail and leisure accommodation.
Tenants at the scheme include Tesco, WHSmith, Next, JD Sports, HMV, Boots, and Superdry.
The shopping centre is also supplemented by 900 car parking spaces.
James Hewitt, chief operating officer of Praxis, said: “The purchase of the St Enoch Centre is our first significant balance sheet investment into the retail sector in eight years. We are acquiring the asset against a backdrop of an improving tenant mix, footfall growth and increasing average basket spend throughout the scheme. Praxis has waited patiently to re-enter a sector where we have a market leading track record and we are now seeking to invest at scale into a number of discrete opportunities.”
GCW advised Praxis Group.