Solihull shopping centre acquired by M Core
Property giant M Core has acquired Chelmsley Wood Shopping Centre in Solihull as continues to invest in acquisitions.
The 461,012 sq ft site is anchored by an Asda Superstore, and is home to a number of retailers including Wilko, Iceland, Home Bargains, New Look, Sports Direct, Poundland and Boots.
The site also includes offices and leisure facilities, such as a library, community housing offices and an advice centre. A multi-storey and surface car park accommodates 583 vehicles, with the scheme boasting an annual footfall of some 7.5 million people, says M Core.
Although M Core did not disclose the financial details of the purchase, it said it had invested more than £160m over the last 12 months in 25 retail centres. The group’s acquisitions include Cwmbran Centre, Cwmbran; The Galleries, Washington, Sunderland; Aviemore Retail Park, Aviemore; and Three Spires in Lichfield.
The group added that it has £300m to invest in assets ranging from £0.5m to £30m and in portfolios up to £150m, and is currently seeking sites for acquisition.
Danny O’Keefe, founding partner of M Core subsidiary Evolve Estates, said: “As we continue our acquisition drive, retail centres such as this form a central role as we seek to invest and improve the sites for local shoppers and wider communities.
“The experienced asset management team is already speaking to a number of interested businesses that can see the attraction of opening a store in Chelmsley Wood and we hope to make announcements of new tenants soon that will really improve the scheme.”
Rob Ellis, asset manager of LCP, another subsidiary of M Core, has been appointed to manage the scheme.
The agent for M Core was Prime Retail and the solicitor was Clarke Willmott, while Mark Bennett of KLM Real Estate acted for the vendor.