A pair of Midlands shopping centres has been sold in a deal worth £76 million.
London-based Northdale Asset Management and US investor Magnetar Capital have together acquired the One Stop centre in Birmingham and Corby Town Centre.
One Stop is in the Perry Barr district, three miles north of Birmingham city centre, and is an established hybrid retail park and shopping centre. It has 80 units covering 380,000 sq ft and 1,200 free spaces in a surface car park.
It is anchored by an Asda supermarket and counts a host of household names among its tenants including Asda, Boots, Home Bargains and Sports Direct.
One Stop also adjoins a bus station and the Perry Barr railway station which has recently undergone a major overhaul ahead of the 2022 Commonwealth Games held during the summer.
Corby Town Centre has 700,000 sq ft of space across 25 acres and has an annual footfall of seven million people.
It is home to 150 units including retailers Primark, Boots, JD and TK Maxx alongside 750 surface parking spaces and an open-air setting. A retail park is also on the site which counts Argos and Home Bargains among its tenants.
Jon Taylor, a partner at Northdale Asset Management, said: "These centres offer great potential with a strong rental profile, sharp focus on community and sizable, loyal customer bases.
"We are keen to improve the assets with lettings and regears already in hand. Population growth in Corby is compelling and the recent infrastructure improvements at Perry Barr have helped enhance the appeal of both assets from an investment perspective."
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Lunson Mitchenall, the niche commercial property agency specialising in the retail and leisure sector, advised the purchasers on the deal.
Joint managing director John Griffin said: "Following Northdale and Magnetar's acquisition of Yate Shopping Centre in February, Lunson Mitchenall worked to strategically source targeted investment opportunities that provided an emphasis on community, a strong value offering and direction over the local shopping environment.
"We look forward to exploring future opportunities with Northdale and Magnetar in this sector."
Investor Europa Capital acquired Corby Town Centre in partnership with asset manager Sovereign Centros in 2015 and the pair followed this up a year later with the acquisition of One Stop.
Sovereign Centros will be retained to manage both of the shopping centres for the new owners post completion of the deal.
