InfraRed acquires the St Johns Shopping Centre in Liverpool
InfraRed Capital Partners has exchanged contracts to acquire the St Johns Centre in Liverpool from Land Securities.
St Johns is the largest covered shopping centre in Liverpool, covering 413,000 sqft, with a 625 space car park and a 149 room hotel. Ideally located in the city centre, St Johns has over 100 retail units. Its tenants include a number of well-known retailers such as Argos, New Look, Wilkinson, Poundland and JJB Sports.
Liverpool is the fifth largest retail market in the U.K. according to specialist marketing firm CACI. With an overall catchment of 4.7m people and an annual footfall of c.12m people, the St Johns Centre is the dominant centre in Liverpool’s value retail segment.
InfraRed has been a long-standing investor in U.K. shopping centres having managed three specialist shopping centre funds between 1998 and 2006. In 2011 the firm acquired The Galleries in Bristol.
Chris Huxtable, Director at InfraRed Capital Partners, said:
“Value-added shopping centre investment is a core competence of InfraRed, hence we are very enthusiastic and excited about investing into the St Johns Centre. We see many U.K. retailers consolidating their footprint into centres that combine high footfall with affordable rents and adequate store sizes. The St Johns centre has the capacity to offer all these features, and we intend to capitalise on this with substantial new investment."
InfraRed has appointed the Hark Group as asset managers and Munroe K Asset Management as property managers.
DTZ advised InfraRed Capital Partners on this acquisition.