Disposal of Kingfisher Centre, Redditch
In 2011 SWIP instructed C&W and Jackson Criss to advise on the appropriate strategy for the Kingfisher Centre, Redditch. The centre is one of the largest covered shopping malls in the UK providing just under 1 million sq ft of retail space. The scheme was well let with 90% of the income secured to national retailers. Having appraised the asset in detail it was concluded that the centre should be considered for immediate sale to take advantage of market conditions. The sale was launched in mid 2011, a number of bids were received and terms were agreed with Capital Regional. C&W assisted Capital and Regional in the search for additional equity through the introduction of Oaktree Capital. The sale was successfully concluded to those two parties despite deteriorating market conditions over the sales period.
With our in-depth knowledge of the shopping centre market we provided experienced advice to SWIP and advised them on the most appropriate purchaser. We successfully placed the shopping centre under offer to Capital and Regional in September 2011.
After detailed due diligence the transaction was successfully concluded at a price of approximately £130m, a net initial yield of 8% 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