Asset management firm buys stake in centre:mk shopping centre in Milton Keynes

An asset management firm has purchased a 50% stake in the centre:mk shopping centre in Central Milton Keynes.

Royal London Asset Management Property has acquired the stake from the Australian-based pension and superannuation fund provider AustralianSuper, with the new owners paying an undisclosed fee for the stake. The deal was announced on Monday (18/11), with Royal London acquiring a stake that AustralianSuper had previously purchased in 2014.

Royal London will run the centre alongside Federated Hermes, who manage the outstanding part of the centre on behalf of shareholders BT Pension Scheme and where the outstanding shares were not sold as part of the deal.

Paul Nicholson, Senior Asset Manager at Royal London, said in a statement to the retail website Fashion Network and the BBC that the shopping centre represented a strong investment for the firm.

He said, “As consumer confidence improves, low inflation and high earnings growth are expected to enhance spending power, subsequently boosting retailers’ sales. centre:mk, as a catchment-dominant shopping centre, is poised to benefit from this recovery.

“Underpinned by high footfall and sales, centre:mk offers a strong, stable income stream coupled with a low vacancy rate, significantly below the UK shopping centre average, highlighting its resilience and appeal.”

Opened in 1979, the Grade II-listed centre:mk contains over 150 stores from a wide variety of national and international retailers, including Marks & Spencer, John Lewis, Primark, H&M, Boots, WHSmith, River Island, Lush, The Body Shop, JD Sports and HMV, as well as restaurants like Pret a Manger, Gregg’s, Itsu, Costa, Starbucks, McDonalds, KFC and Wagamama.