A MAJOR shopping centre has been sold for £54.5m – just over half the price paid for it 10 years ago.
It was announced yesterday that property investment company Roubaix Group had bought Fareham Shopping Centre for £54.5m.
The centre was previously owned by Murdoch, which is understood to have bought the centre in 2005 for £95m from IM Properties.
There will be no job losses as a result of the sale as centre staff are employed by an asset management company.
Fareham Shopping Centre was built in 1976 and has 458,619 sq ft (42,607 sq m) of retail, office and ancillary accommodation, served by two car parks which provide 1,010 spaces.
There are around 100 leases at the centre and its anchor tenants include Marks & Spencer, Debenhams, BHS, Next and Boots.
Chris Beckerman, managing director of Roubaix Group, said the group was looking to build its portfolio of UK assets.
He said: ‘Roubaix has secured the centre at a 50-per-cent discount to where it last traded.
‘We have a detailed hands-on asset management plan to unlock inherent added value.
‘We are building momentum and this is another opportunity to improve a fundamentally strong asset through our proven skills. We are pleased to be partnering with Chenavari Investment Managers and have an appetite for further acquisitions.’
The latest transaction is the second major UK retail asset for Roubaix, after it bought Marketgate Shopping Centre in Lancaster last September.
Fareham Shopping Centre manager Mike Taylor said it was an ‘exciting time’ for the centre with the prospect of renovation and improvement in terms of the mix of shops.