Takeover deal at shopping centre

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The owners of the Arndale Centre announced this week it has acquired a further 33 per cent interest in the shopping complex.

Legal & General Property purchased Strathclyde Pension Fund’s interest in the Performance Retail Limited Partnership, bringing its total share in PRLP to 100 per cent and giving it outright ownership of the Eastbourne centre.

Last year approval was granted by Eastbourne Borough Council for plans to extend the centre, subject to the completion of a legal agreement, to create an additional 175,000 sq ft of retail space, arranged over 22 new ground and first floor units.

There will also be more car parking spaces and a new pedestrian access on to Terminus Road. Construction work on the scheme is expected to start within the next two years.

Michael Barrie, at Legal & General Property, said, “With proven in-house asset management and development platform, capable of bringing forward major town centre, retail-led regeneration projects we are excited about the future of the Arndale Centre and our ability to grow the retail offer in the next important phase of its life.”