Anglo Irish Bank Private Banking and Alanis Capital have bought Liverpool’s Metquarter shopping centre.
The joint venture between John Milligan’s Milligan and the Richardson brothers and McArthur Glen’s Joey Kaempfer have sold the 135,626 sq ft scheme which was on the market for around £90m.
The scheme comprises 44 shops which are let to tenants including Armani, Whistles, Hobbs, Coast, LK Bennet, Hugo Boss, Flannels and Gieves & Hawkes.
Mark Garmon-Jones, director at Savills who advised on the deal, said: ‘Liverpool’s city centre is currently undergoing staggering levels of inward investment and regeneration, and the Metquarter has been one of the main drivers of this transformation. A forecasted £780m rise in the city’s yearly retail expenditure, upon the completion of Liverpool One and the European Capital of Culture status in 2008, makes this an attractive acquisition for our clients.’
John Milligan added: ‘The decision to sell has not been an easy one for us, as we’ve collaborated closely with so many partners in Liverpool. With this in mind, I’m very keen that Milligan maintains its connection to this great city in the coming years.’
Miligan is working on developing opportunities in Spain and Portugal but will remain involved in the future marketing strategy of the scheme. Savills has been retained to manage the scheme.
Savills and HWBC advised the purchasers. Milligan and Richardson were advised by Stockford Staunton.