Aprirose acquires Marine Point
Published: 09 November, 2016
Promenade Estate sells Merseyside asset for £42.5m
London-based real estate investor, Aprirose, has purchased the Marine Point shopping and leisure centre in Merseyside from Promenade Estates for £42.5m. The 212,217-sq ft complex is located next to New Brighton beach and promenade in Wirral.
The complex encompasses shops, restaurants, cafes, a cinema and theatre. It is anchored by a Morrisons and a 66-bed Travelodge, while other tenants include Prezzo, The Light Cinema, Home Bargains and Starbucks.
Gary Jones, chief operating officer at Aprirose, commented: “Marine Point is our sixteenth transaction since Brexit and is a strong asset to add to our growing and diverse portfolio. The recently extended complex is a part of a £50m regeneration project for New Brighton and it is a popular family destination. It is another solid investment to add to our growing £1bn property portfolio.”
Danny Hynd, managing director of Promenade Estates, said: “We’re very proud of what we delivered at New Brighton and are pleased to have found fitting custodians for the asset. It was a very challenging development and relied on our full range of regeneration skills to be completed successfully. This disposal adds to our existing, substantial cash reserves which we intend to deploy through the acquisition of prime development and asset management opportunities in the Liverpool area. We are assessing a number of interesting opportunities and are always keen to speak with asset owners seeking an exit.”
Aprirose was advised by CBRE and Promenade was advised by Savills.