Redical completes acquisition of Merry Hill
Redical has completed the acquisition of the Merry Hill retail and leisure destination in the West Midlands, in line with a deal agreed in principle reached late last year.
Following the collapse of the scheme’s previous owners at the outset of the Pandemic, the 1.4 million sq ft scheme has undergone a number of changes over the last five years under the leadership of its directors, supported by the scheme’s asset manager Sovereign Centros from CBRE and property manager Savills.
This has seen Merry Hill attract multiple new brands and service and secure long-term recommitment from several existing tenants. These initiatives have helped footfall return to 15 million in 2025 and achieve a 4.3% year-on-year increase in sales.
Although the sale price was not disclosed, the scheme was valued at £250m when it was listed last autumn.
Miles Dunnett, director of Merry Hill, said: “I am delighted to announce the sale to Redical, who is absolutely the right party to continue Merry Hill’s development as the leading super regional centre in the Midlands. I am also very grateful to our outstanding team at the centre who have worked tirelessly over the last five years.
“Merry Hill now provides an excellent customer experience, with multiple new store openings, provision of great dining experiences, and many new leading leisure venues for returning and new customers to enjoy.
“This outcome would not have been achieved without the commitment of our existing owners, who have supported us throughout Merry Hill’s transformation, and we are very pleased we have been able to achieve this outcome on their behalf.”
Merry Hill will join Redical’s growing portfolio that includes Victoria Leeds, The Liberty Romford, and Clayton Square Liverpool.
Mikko Syrjanen, co-founder of Redical, said: “We are delighted to have completed the purchase of Merry Hill, an asset perfectly aligned to our strategy of creating a portfolio of core plus assets, each of which dominates its catchment, reflects the needs and wants of its consumers, and has unrealised potential.”
Petteri Barman, co-founder of Redical, added: “The centre team and the wider property-asset management team have done a stellar job returning Merry Hill to its rightful place among the biggest and best-performing super regional centres in the UK. Now, together with that team and through our tech-enabled ‘transformation through accumulation’ strategy, we intend to elevate the Merry Hill customer experience even further, beginning immediately.”
Knight Frank advised the vendor on the sale. Redical was advised by DLA Piper, RSM and Addleshaw Goddard.