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.