Northern Ireland’s William Ewart Properties has confirmed it has exchanged contracts to buy the Metro Fund’s Victoria Place shopping scheme in central London.
As tipped by Property Week (news 07.12.07) it will buy the 83,000 sq ft retail complex above Victoria Station for £92.5m.
It will be added to its London retail transit portfolio which comprises retail schemes at Fulham Broadway and Hammersmith Broadway.
Ewart chief executive Nick Reid, said: ‘We see this purchase as a natural addition to our London transit portfolio.
'Since we purchased the centres at Hammersmith and Fulham, we have grown the rent rolls and significantly enhanced the tenant mix through active, hands on asset management.
‘We see similar opportunities at Victoria Place and we will be actively working to maximise its potential, once we complete the acquisition early in 2008. Around 115m people pass through Victoria Station every year, which when added to the 80m footfall figures for Hammersmith and Fulham, delivers fantastic potential reach to our retail partners.’
Ewart’s total portfolio is now approaching £1.5bn, with around £700m of retail assets in Great Britain.
This includes one of Scotland’s largest shopping schemes, the 300,000 sq ft Gyle Shopping Centre, in Edinburgh.
Ulster Bank provided funding. Franc Warwick acted for Metro and Savills acted for Ewart.