NewRiver Retail announces £120m purchase of Bexleyheath shopping centre
PUBLISHED: 16:56 18 April 2016 | UPDATED: 16:56 18 April 2016
The firm takes ownership of both the centre and the ajacent Broadway Square Retail Park
A retail firm has confirmed the £120m purchase of Bexleyheath shopping centre.
NewRiver Retail announced the deal on Monday, in which it will take over both the centre and the Broadway Square Retail Park.
Comprising over 60 per cent of the town’s retail space, the Bexleyheath assets provide the principal retail destination for a large area of south east London and north west Kent, and attract over nine million shoppers per annum.
The Broadway Shopping Centre is anchored by retailers such as Marks and Spencer, H&M, New Look, Argos and Boots, which the adjacent retail park includes tenants such as Sainsbury’s, Poundland, JD Sports and TK Maxx.
The firm believes the sites are in a prime location, given the regeneration and infrastructure schenes planned nearby, including Thames Gateway, Europe’s largest regeneration project, which will provide 160,000 new homes in the area to meet rapidly growing demand, and direct access to Abbey Wood Crossrail station expected to be operational in 2018.
Retail chief executive officer, David Lockhart, said: “The acquisition represents our first significant acquisition within the M25 and is our largest single shopping centre acquisition to date.
“This is an excellent addition to our portfolio and we are confident that our proven active asset management model will drive significant long term value for our shareholders.”