TH Real Estate sells London Shopping Centre to CBRE

Posted on 24 August, 2015 by Kirsten Kennedy

TH Real Estate has sold the Angel Central Shopping Centre in Islington to CBRE Global Investors on behalf of its joint institutional fund owners.

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Although a price is yet to be revealed by either party, the centre’s location and high footfall levels have caused industry experts to speculate that this may very well prove to be one of the largest deals conducted in the central London retail market this quarter.

Under the joint ownership of Warburg-HIH Invest’s institutional funds PEF 3 and ECP 1, the annual rent revenue increased by 13.5 per cent, leading to a property related Internal Rate of Return (IRR) of around 18 per cent per annum – something that will hugely benefit CBRE should the current retail sector trends continue.

Managing director of Warburg-HIH Invest, Eitel Coridass, believes that the deal has resulted in a positive outcome for both parties.

He says; “By pursuing a successful letting strategy and, most recently, a comprehensive re-branding, we were able to enhance the quality of the shopping centre in a sustainable way.

“Complemented by London’s sound investment fundamentals, this allowed us to exit the asset at an attractive price that exceeded the original target performance for the asset.”

The Angel Central Shopping Centre first opened in 2002 and is still commonly referred to by its former name, the N1 Shopping Centre. It offers a total of 150,000 sq ft of commercial space over three floors, of which 60,000 sq ft is dedicated to leisure space, and consumers are able to take advantage of the 100 attached car parking spaces to the exterior of the property.

At present, Angel Central boasts an occupancy rate of 95 per cent and is anchored by a 20,000 sq ft H&M store. There are a further 15 retail units occupied by notable high street favourites including Oasis, Monsoon and French Connection, six restaurants and bars and a 42,800 sq ft nine screen cinema operated by Vue.

While the current footfall of the centre is extremely high, this level is expected to rise still further in the coming years thanks to the upcoming Crossrail project, which will see Farringdon station constructed only one mile away. This will build upon the excellent public transport availability already on offer, with Angel tube station situated directly opposite the centre’s main entrance.

UK portfolio manager at TH Real Estate, Martin Payne, believes that CBRE has made a wise choice in snapping up this excellent asset.

He says; “Owing to its superior location in a vibrant district and its excellent transport links, Angel Central benefits from a very high footfall of c.10 million visitors annually.”




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