The Arora Group has completed the purchase of the Peacocks Centre in Woking from administrators Grant Thornton, for an undisclosed price.
The asset was originally acquired by Moyallen in 2008 for £116m, but the companies which own and operate the centre went into administration in April last year.
The 542,528 sq ft Peacocks Centre has 80 units and is the second shopping centre acquired by Arora – in August last year it bought The County Mall in Crawley from abrdn.
Sanjay Arora, chief operating officer and head of property for the Arora Group, said: “Our acquisition of the Peacocks Centre is continuing the vision I have for creating a strong diversified portfolio in numerous real estate asset classes. We continue our expansion drive into the retail sector and look forward to working very closely with Woking Borough Council to make this centre a true success again, neighboured by their incredible Victoria Place development.”
Councillor Ann-Marie Barker, leader of Woking Borough Council, added: “For more than a decade, Woking Borough Council has invested significantly in transforming Woking town centre into a welcoming, prosperous and vibrant shopping destination. The Peacocks is integral to our vision of a modern Woking town centre. As the freeholder of the site, and a major stakeholder in the town centre, I welcome the investment Arora has made in Woking and the certainty it brings to retailers, their employees and visitors to the town. We look forward to a dynamic and productive partnership with Arora over many years to come.”
Stephen Cave, joint administrator and head of restructuring at Grant Thornton NI, said: “I am pleased to complete the sale of Peacocks Centre to the Arora Group. Everyone involved has worked hard since last April to ensure business as usual trading for the centre whilst options were considered and a sales process implemented. We have liaised closely with Woking Borough Council throughout and are appreciative of their support. I wish Arora every success for the future and look forward to seeing Peacocks Centre revitalised under new ownership.”
Toby Ogilvie Smals, retail investment director at Savills London, said: “Savills is delighted to have advised the administrators on this complex transaction in the timeline requested. We wish the purchaser the best with this value add acquisition. It was encouraging to see significant interest in the asset, despite the current headwinds facing the UK investment market.”
