Pan-European real estate investment manager Redevco has, on behalf of one of its investors, acquired the White Lion Walk covered shopping arcade with 23 retail units in Guildford in the UK from Aviva Investors.
The purchase price was around £12 million.
Andrew Vaughan, CEO at Redevco, said: “White Lion Walk is strategically located in the centre of Guildford and connects the town’s two main retail pitches, which means it benefits from a naturally high footfall of passing shoppers. Redevco plans to modernise the arcade, which is already well-positioned for redevelopment, to make it a more attractive shopping environment and curate a more exciting tenant mix.
“his is in line with our strategy of only investing in areas where we can add value by creating good quality retail space that serves the needs of the local community.”
Guildford is an affluent market town in the county of Surrey, 44 km to the southwest of London and has excellent transport links, making it a very popular commuter destination.
The town is categorised as ‘Very Good’ under Redevco’s ‘City Attractiveness Index’ of European retail destinations and is ranked at 19th among UK cities.
Guildford’s total retail catchment population is 5.5 million people, while its local shopping population is 240,869, making the town 58th nationally, for a comparison goods spend estimated at £935 million. The catchment is forecast to experience above average population growth of 8.0% between 2014 – 2024.
Green & Partners and CMS advised Redevco on the transaction.
RPA Perspective It’s been a busy week for Redevco which has also acquired the predominantly food and beverage (F&B) commercial units of the new mixed-use One Tower Bridge development for €78 million from the Berkeley Group. The property is topped by super-prime residential apartments and faces the iconic London UNESCO landmark that spans the River Thames.
Vaughan said: “Redevco is constantly on the lookout for opportunities aligned with changing consumer spending patterns and a growing focus on leisure such as mixed-use and F&B-led investments. London ranks as a leading global destination in this respect and this location, adjacent to Tower Bridge, encapsulates the key elements we are looking for in our experience-led investments. It is situated next to a world-class tourist attraction, which is a magnet for large numbers of visitors. The location also benefits from the footfall from offices and local high-end residential developments in the area.”
The property we acquired at One Tower Bridge on the south bank of the Thames, comprises 7,720 sqm of retail, restaurant and cultural space, with 11 F&B and two retail units, as well as the Bridge Theatre – the largest commercial theatre built in London in 80 years.
Redevco was advised by agents Bruce Gillingham Pollard in the off-market transaction and by the law firm Osborne Clarke. The Berkeley Group was advised by JLL.
