Eurofund Group has acquired The Broadway retail and leisure scheme in Bradford from the joint fixed charge receivers for an undisclosed price.
The circa 570,000 sq ft retail and leisure scheme was originally developed by Westfield and opened for business in 2015. The centre is anchored by brands including Primark, JD Sports, H&M, Next, Flip Out and The Light Cinema.
Eurofund Group intends to invest £10m in an asset enhancement plan to improve the overall customer experience and the leasing mix at the scheme.
Ion Saralegui, CEO of Eurofund Group, said: “The acquisition of The Broadway marks a major milestone for Eurofund Group as our first ever solo investment and a significant step in expanding our UK footprint. It reflects our ambition to act as a proactive investor and developer, focused on retail assets with the potential to become dominant catchment destinations. Building on the successful repositioning of Silverburn, we see a unique opportunity to continue unlocking long-term value and delivering tangible impact.”
David Shepherd, strategic director for place at Bradford Council, added: “We are delighted the Eurofund Group has recognised our commitment to delivering an impressive programme of regeneration projects, high quality transformative place shaping and the delivery of outstanding, award-winning public realm. This is a significant vote of confidence in the future of Bradford city centre. Broadway is a key part of Bradford’s ambitious, ongoing redevelopment”.
The joint fixed charge receivers were represented by Savills. The purchase was funded with financing support from BGO.
