New Frontier Properties acquires two UK shopping centres
New Frontier Properties, the Mauritian based special property vehicle, has made its debut in the UK retail market with the purchase of two shopping centres.
It has acquired The Cleveland Centre in Middlesbrough and Coopers Square in Burton-Trent.
While The Cleveland Centre is home to over 60 stores and is anchored by Boots, Top Shop, New Look and H&M, Coopers Square’s tenants include the likes of Marks & Spencer, Primark, Boots, New Look, BHS and River Island.
Mike Riley, chief executive of New Frontier Properties, said: “The acquisition of The Cleveland Centre and Coopers Square marks New Frontier Properties start of becoming a major UK shopping investor. These shopping centres are indicative of the sort of assets we are considering; strong, regionally dominant shopping centres with significant potential for improvement. We hope to announce further purchases in due course.”
New Frontier has appointed London-based investor and asset manager Waypoint Asset Management. The company has earmarked up to £300 million to invest in UK shopping centres in the next year through its retained advisors, Lunson Mitchenall and Coady Supple.
