Joint venture set to regenerate Liverpool retail centre

St Modwen Properties PLC has acquired through two newly created SPV’s a 50 per cent share in Kirby and Belle Vale shopping centres in Liverpool from LaSalle Investment Management.

The new partnership will seek opportunities to add value to the shopping centres through a programme of redevelopment, restructuring and refurbishment.

The two centres, originally constructed in the 1960s and early 1970s, total approximately 44,592 sq m (480,000 sq ft) and have a combined rent roll of £2.725 million per annum. Tenants include Boots, Woolworth, Peacocks, Thorn, Superdrug, Ethel Austin, Tesco and Kwiksave. LaSalle Investment Management acquired the centres throughout the 1980s on behalf of a large pension fund.

St Modwen was selected by LaSalle Investment Management as joint venture partner because of its track record in working successfully in partnership and its development expertise in regenerating ‘tired’ shopping centres.

Richard Froggatt, executive director of St Modwen Properties, said: “This partnership brings together the best in management experience and development skills. We are confident that both centres offer significant opportunities to add value.”

Andrew Bull, European Director at LaSalle Investment Management, said: “Our client is delighted and it is good news for Kirby and Belle Vue shopping centres. The new partnership is committed to carrying out both commercial and aesthetic development to improve the shopping offer and environment for customers.”

Jones Lang LaSalle which has managed the centres since the mid 1980s will

continue to do so under the new ownership.

For further information contact Michelle Taylor of St Modwen (01925-825950).

Issued by Paul Raymer of Howle Chapman Raymer (0121-236-7771).