Midland shopping centre sold to property giant
A EUROPEAN property giant has struck a deal to buy Chelmsley Wood’s popular shopping centre.
Property investors M Core, which has recently bought up a number of UK shopping centres, says its latest purchase is part of an “investment drive”. The company describes itself as a pan-European property collective with a combined portfolio size of
£4.9 billion. It did not disclose the cost of this deal.
The shopping centre is the main retail venue in Chelmsley Wood and was previously owned by Ellandi, which owned a few similar sites.
In the last 12 months M Core has spent £160 million on 25 shopping centres around the country, including Three Spires in Lichfield.
Anchored by an ASDA superstore, Chelmsley Wood’s 461,012 sq ft centre includes a Wilko, Iceland, Home Bargains, New Look, Sportsdirect, Poundland and Boots.
M Core is planning to announce new tenants, while also creating some homes “that will meet local requirements”.
Danny O’Keefe, founding partner of Evolve Estates, which is part of M Core, said: “This is a superb acquisition. As we continue our acquisition drive, retail centres such as this form a central role as we seek to invest and improve the sites for local shoppers and wider communities.”
It is understood these plans won’t have any bearing on Solihull Council’s development masterplan for Chelmsley Wood.
A Solihull Council spokesman said: “We are excited to meet with representatives at M Core soon, so that we can discuss ways in which we might collaborate to optimise the enormous opportunities associated with our wider vision for the future of Chelmsley Wood town centre.
“We are confident that we will be able to continue working in a positive and constructive manner with the new owners.”