Leading global private equity and alternative assets investment firm H.I.G Capital has completed the acquisition of the Grosvenor Shopping Centre in Chester for a sum of £65 million.
The 250,000 sq ft retail property lies on Pepper Street in the heart of the city centre and boasts strong transport links with the city’s main bus station located to the rear of the complex. Previous owners Carlyle Properties and Bride Hall Estates recently completed a major renovation to create two large anchor units, which are presently occupied by TK Maxx and Sports Direct.
Managing director of H.I.G Capital’s London office, Riccardo Dallolio, hinted that further refurbishment work may be in line for the centre.
He said; “This investment demonstrates our ability to secure value added assets in the UK market. In this respect, our speed of execution and flexible approach gave us a competitive edge.
“We will continue to acquire assets where we see an opportunity to add value by enhancing the income and quality of the asset.”
Although H.I.G Capital is largely dominant in the US market, with offices in 7 major American cities, the firm has increasingly begun to move into Europe and already has offices established in London, Madrid, Milan, Hamburg and Paris.
This has allowed the number of real estate investments on this continent to climb to 16 since the start of 2013, with most being small or midcap opportunities with a meaningful value added component.
As H.I.G Capital has a long history of transforming acquired properties through careful asset management, there is a real chance that the Grosvenor Shopping Centre will enjoy a further period of improvements designed to diversify the tenant mix and drive footfall in the city.
Director at H.I.G Capital, Seb d’Avanzo, concurred with Mr Dallolio by saying; “We are pleased to complete this transaction, which presents us with an opportunity to reposition the dominant retail asset in Chester.”
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