The Crown Estate, the company that manages the Queen’s property portfolio, has completed the £345.5m acquisition of one of the UK’s biggest retail parks.
Its new venture with Chinese-state backed property group, Gingko Tree Investment, will see both organisations take a 50% stake in Fosse Shopping Park in Leicester.
Fosse Park is one of the most sought-after retail properties in the UK because of its location close to the M1 motorway and its collection of retailers, including Marks & Spencer, Next and New Look.
It attracts over 8 million shoppers a year and at 560,000 sq ft is one of the largest in the country.
The Crown Estate head of Regional Portfolio James Cooksey said: “Fosse Shopping Park is one of the best assets of its kind, combining a prime location, with both scale and opportunities to enhance performance through active management. At Fosse Park we intend to bring the same vision and progressive approach to management.”
The acquisition is the largest in The Crown Estate’s 254-year history and is part of the property group’s strategy to strengthen its position as one of the UK’s leading owners of prime regional retail property.
The group’s portfolio also includes a collection of assets across London’s West End, as well as 16 retail parks in places such as Newcastle, Aintree, Nottingham, Swansea, and Cheshire, with a total capital value of over £1.2 billion.