Ownership of The Exchange Ilford shopping centre in London has changed, with Capital & Regional recently acquiring it for £78 million.
The acquisition, set to be complete by tomorrow (March 9), could mean the shopping centre will experience phases of redevelopment and expansion in the future.
“We see significant opportunities for leisure and residential development supported by an ambitious local authority that is keen to facilitate investment in the area, and the new Crossrail link, which is expected to open in 2019,” Capital & Regional chief executive Hugh Scott-Barrett said.
The Exchange, the dominant retail offering in what is one of east London’s fast-growing and increasingly cosmopolitan areas, comprises of three trading levels of 300,000sq ft of rental space and a multi-storey car park with over 1000 spaces.
The centre is anchored by Debenhams and Marks & Spencer with other major retailers including H&M, Next, River Island, Sports Direct, TK Maxx and Wilko part of its line up.