Acquisition of £33m Grants Leisure Scheme, Croydon
April 27, 2015
Fund manager Hermes has bought the Grants Entertainment Centre at 14-32 High Street, Croydon, for £33m from Aberdeen Asset Management. Coffer Corporate Leisure - the only dedicated property investment and mergers & acquisitions advisor to the leisure industry - provided Hermes with specialist advice on the investment acquisition.
The purchase comes as Croydon prepares for a major retail makeover, with Westfield and Hammerson planning a 2m sq ft redevelopment of the town centre.
The 160,840 sq ft centre, which is the only dedicated leisure scheme in the evolving town centre, is home to Nando's, Tiger Tiger, Lloyds No. 1 Bar, the Reflex nightclub, a Virgin Active gym and a 10-screen Vue Cinema.
The seven-storey complex was constructed in 2001 and is a mix of new build and conversion behind a listed facade. Scottish Widows Investment Partnership, now part of Aberdeen Asset Management, bought the building for £32.5m in 2010.
"Our investment strategy continues to focus on areas benefiting from the emerging urbanisation trend and resulting changes to demographics," said Chris Taylor, Hermes Real Estate chief executive.
Michael Elliott acted for Hermes and Joiner Cummings acted for Aberdeen.