News Item
CALA AND FM ACQUIRE MIDLANDS’ SHOPPING CENTRE
20 Nov 2007
CALA Properties, in a joint venture with FM Developments, has acquired a Midlands’ shopping centre.
CALA Properties, which has offices in Edinburgh and Birmingham, and Edinburgh-based FM Developments have paid SPP Income Fund Limited £3.35m for Tipton Shopping Centre and two car parks, held on long ground leasehold interests from Sandwell Metropolitan Borough Council.
This deal follows hard on the heels of the sale of Westside Plaza retail and leisure complex in west Edinburgh in July by CALA Properties and FM Developments to the AWG Property & WG Mitchell fund for £23.3 million.
Located eight miles north west of Birmingham, Tipton Shopping Centre is Tipton’s main retail provision. The 51,674 sq ft property consists of 27 retail units, a public library and 3,300 sq ft of office accommodation at 1st floor level. Existing tenants include the Co-op, West Bromwich Building Society and Sandwell Metropolitan Borough Council. The shopping centre has 141 car parking spaces.
CALA Properties and FM Developments plan to improve the centre’s retail offering by attracting new tenants and investing in the fabric of the centre.
Roger Telford, Development Manager at CALA Properties, said: “Retail is an increasingly important part of our business and we have identified the opportunity to grow the value of Tipton Shopping Centre through active asset management and development.
“This change in ownership will be an excellent opportunity to review and develop the retail mix and improve the shopping centre for the people of Tipton.”
Kevin Brady, Group Commercial Development Director of FM Developments, said: “We want to give Tipton Shopping Centre a new lease of life, mirroring the work being done in other parts of the Black Country to revitalise traditional town centres and attract further investment.”
CALA Properties and FM Developments were advised by Springford & Co. Mason Philips acted on behalf of SPP Income Fund Limited.
| PR CONTACTS FOR CALA PROPERTIES | |
CALA Group Limited tel: 0131 535 5200 |
Reay Public Relations Ltd. tel/fax: 01369 840042 |
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