Arsenal owner Stan Kroenke has completed the purchase of Malibu Village for $81.5million, according to reports.
Reports last month indicated that Kroenke was 'interested' in buying the shopping centre, located on the Pacific Coast Highway in the area of Malibu in California. The Gunners owner already owns property in the region, with the Malibu Colony Plaza amongst many in his portfolio.
Now, according to The Real Deal, Kroenke has successfully bought the 51,000-square-foot shopping centre. The purchase means he has now spent over $700m on retail real estate across the Los Angeles market after buying an outdoor shopping mall in Woodland Hills and a defunct indoor mall.
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The deal is likely to be viewed as good business by the 57-year-old. Kroenke's $70m purchase is $50m cheaper than what Jamestown had originally paid for it back in 2014.
Since the handover nearly a decade ago, regulations have altered. Under the 2018 revisions, tenants can only sign a lease in Malibu if they have 10 stores or fewer - ruling out the possibility of housing any worldwide brands.
Kroenke controls the Gunners as part of his superior sports empire, Kroenke Sports & Entertainment, which also owns a number of teams around the globe, including NBA side Denver Nuggets and NFL team Los Angeles Rams.
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