CBRE Nabs $116M Shopping Center in the UK
- Jul 25, 2016
By Bogdan Odagescu, Associate Editor
Bristol, England—CBRE Global Investment Partners recently announced its acquisition of the Willow Brook Centre in Bristol for £88.8 million, or approximately $116 million. The asset was bought on behalf of the CBRE GIP European Co-Investment Fund (ECF) working with Arax Properties. This is the fund’s fifth purchase.
Situated in Bradley Stoke, a suburb north of Bristol, the Willow Brook Centre is a 231,000-square-foot retail park anchored by Tesco. The property, which opened in 2009, has 40 other tenants, some of which include Argos, Iceland, Boots, Poundstretcher, Pets at Home, KFC, Costa, Subway, Vodafone, Poundworld, Giant and Carphone Warehouse.
“We have acquired an asset that is anchored by a high-performing tenant and offers a long-term, stable income stream supported by strong catchment fundamentals. The Willow Brook Centre also provides a number of asset management opportunities that will allow us to increase and diversify income,” said Charles Baigler, ECF fund manager for CBRE Global Investment Partners, in prepared remarks.
Image courtesy of the Willow Brook Centre via Twitter