Cube RE (Cube) has bought the Swan Walk shopping centre in Horsham out of receivership for an undisclosed price.
The 300,000 sq ft centre is anchored by Marks & Spencer, Next, Boots and H&M and also houses circa 26,000 sq ft of office space, which was recently let to Horsham District Council for its new offices.
Nic Lowry, investment director at Cube RE, said: “Swan Walk is a great addition to the fund with an opportunity for us to push forward value add asset management initiatives, including ESG focused building improvements, tenant lease regears and look at the medium-term development potential.
“The centre sits within a growth area, and benefits from a supportive local authority which is committed to retaining Swan Walk as the focus for retailing in the area. There are also a host of major housing developments surrounding the town, bringing an influx of new residents, and shoppers to Swan Walk.”
David Erwin of Dunluce, who advised Cube RE on the purchase, added: “It’s been a challenging journey for the shopping centre sector, with true value is in short supply. We were delighted to work with Cube and HOF in identifying Swan Walk as an exciting acquisition opportunity at a time when the sector is displaying positive signs of recovery in a town where the demographics are strong, retail supply is limited, the local authority are fully engaged, and where occupiers are thriving within the scheme.”
Cube RE has appointed Savills and Crickmay as letting agents for Swan Walk and Tandem Property has been appointed managing agent. The vendor was advised by Knight Frank.
