Acquisition of The Broadwalk Centre, Edgware
Aware of SWIP’s requirement to acquire a strong shopping centre, C&W uncovered the opportunity in Edgware, appraised the asset and made an offer on SWIP’s behalf. C&W then negotiated agreeable terms with the vendor, oversaw the necessary legal work in support of the transaction and provided a Red Book valuation to support the purchase. The centre entirely dominates retailing in Edgware and provides 200,000 sq ft of retail space, over a single level. It is well anchored by Sainsbury’s and Marks and Spencer, with a further 44 retail units in support.
With our in-depth knowledge of the shopping centre investment market and wider retail expertise, we were able to source the product, provide sound strategic advice and produce a robust appraisal to support SWIP’s acquisition.
After detailed due diligence the transaction was successfully concluded at a price of £68m, a net initial yield of 6% in mid 2012.
" We've been fortunate enough to have worked with Charlie Barke & the C&W investment team on two significant deals this year. Their pragmatic, determined yet professional approach was crucial in closing the transactions. An impressive operation."
Ken Ford, Executive Director of Capital and Regional