Lumina Real Estate Capital Continues Asset Management Strategy In Sutton

April 2, 2014

Lumina Real Estate Capital (LREC) has acquired Times Square Shopping Centre in Sutton, Surrey, through its Special Situations Fund I for c£13M.

The property was acquired out of administration, having been formerly owned by Buckingham Securities, who had paid over £40M for the asset prior to the financial crisis. LREC plans a major overhaul of the centre, with a focus on re-establishing the offering. It has secured a pre-let to TK Maxx and is in detailed discussions with other potential tenants for further pre-lets. LREC has sold two retail properties at the edge of the centre for £8.4million to FORE Partnership.

The sale of the freehold retail investment of 134-142 High Street occupied by BHS and the leasehold retail investment of 118 High Street occupied by WH Smith will allow LREC to modernise and reconfigure Times Square Shopping Centre further and to implement other asset management strategies.

Sassan Ahsani of Lumina Real Estate Capital says: “This is an excellent example of Lumina Real Estate Capital focusing on the Fund’s core strategy of acquiring properties with clear opportunities to add value, create a better offering for tenants as well as the public. We believe this asset offers us considerable scope to add value and ultimately create enhanced returns for our stakeholders.”

Colliers International and CBRE acted for Lumina Real Estate Capital.

 

–       ends–

Latest News

MOORGARTH LAUNCHES PM+U – A NEW KIND OF PROPERTY MANAGEMENT COMPANY

February 19, 2021 - 16:07

The highly successful team behind Moorgarth Property Management has launched a new property management company – PM+U – specialising in retail, office and leisure assets across the UK. Under the l[...]

+ Read More

ARLINGTON TO DEVELOP ONE OF LONDON’S FIRST DEDICATED LIFE SCIENCE DEVELOPMENTS

February 16, 2021 - 11:08

Arlington has received full planning consent for a building that is set to become one of London’s first fully lab-enabled buildings to be delivered by a commercial property investor. Known as Refine[...]

+ Read More

WILFORD LANE DEVELOPMENTS SELLS OFF WEST BRIDGFORD SCHEME IN NOTTINGHAM

February 9, 2021 - 12:36

Wilford Lane Developments Limited (WLDL) – a joint venture between Kuwaiti developer/investor Salhia Real Estate Co KSC and Simons Developments Ltd – has sold the commercial element of its Wes[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR