A European property firm which owns a portfolio of six UK shopping centres has been bought out.
Dutch pension fund Stichting Mars Pensioenfonds has offloaded one of its companies, Real Estate Investments Nederland, in an undisclosed deal to Irish family-owned firm Martin Property Group.
The sextet of shopping centres covers 1.2 million sq ft and comprises Ankerside in Tamworth, Staffordshire, and Clarendon in Hyde and Exchange in Rochdale, both in Greater Manchester.
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Also included are Four Seasons in Mansfield, Nottinghamshire, Westside Plaza in Edinburgh and Angel Place in Bridgwater, Somerset.
Real Estate Investments Nederland also owned a portfolio of student accommodation which is included in the deal.
Gary Martin, a director of Martin Property Group, said: “We are delighted to complete this transaction and become the custodians of these important assets in locations right across the UK, particularly at a time where shopping centres require hands-on asset management.
“We will be focused on stabilising, repositioning and where possible developing the assets further. We look forward to working with the councils in each of these locations as they will be an important part of the future success of these assets.”
Stichting Mars Pensioenfonds said it had decided to sell the company following the outcome of a strategic asset liability review.
Financial services firm PwC acted as lead advisor on the transaction.
Deals partner Mark Addley said: “We are pleased to have successfully delivered this transaction which demonstrates there is continued interest in supporting and investing in UK high street assets underpinned by a solid strategy, even though we are facing challenging economic headwinds.”
Property consultancy Lewis & Partners also acted on the deal.