Sheet Anchor Evolve has acquired the Lower Precinct retail scheme in Coventry city centre from Royal London Asset Management Property for an undisclosed price.
Lower Precinct comprises 221,600 sq ft of retail and leisure space and attracts more than eight million visitors annually. The fully let centre is home to brands such as H&M, River Island, New Look, Home Bargains, Superdrug and Clarks.
Clare Andrews, investment manager at Royal London Asset Management Property, said: “This transaction marks the conclusion of a long-term active management programme at Lower Precinct. The centre is now performing strongly, supported by recent leasing momentum, and will be further enhanced by Coventry’s city centre regeneration.
“Last November, as part of the regeneration plans, we returned the much-loved local market to Coventry City Council, reinforcing our commitment to the community. We are proud to have worked closely with the council as an important stakeholder during our ownership and look forward to seeing the city centre evolve into a modern, thriving commercial and residential destination as City Centre South unfolds.”
Sebastian MacDonald-Hall, chief investment officer (Europe) at M Core Property, owner of Sheet Anchor Evolve, added: “The acquisition of Lower Precinct is a significant addition to the M Core portfolio and reflects our commitment to investing in high-performing retail destinations across the UK. This asset complements our long-term strategy to deliver sustainable growth and value through active management and strategic positioning.”
Royal London Asset Management Property was advised by Knight Frank and Sheet Anchor Evolve was represented by Savills.
