PwC acts as lead advisor on the sale of Real Estates Investments Nederland BV to Martin Property Group
PwC is pleased to announce the completion of the sale of Real Estate Investments Nederland (REI) BV to Martin Property Group.
Martin Property Group has completed the purchase of Real Estate Investments Nederland BV, a company holding a portfolio of six UK wide Shopping Centres & a student Accommodation portfolio from Stichting Mars Pensioenfonds (SMP), a Dutch Pension Fund.
The portfolio, which includes 1.2million square feet of retail space, has been sold to the Irish family owned business Martin Property Group. The assets include Westside Plaza Edinburgh, Clarendon Shopping Centre Hyde, Exchange Shopping Centre Rochdale, Four Seasons Shopping Centre Mansfield, Ankerside Shopping Centre Tamworth and Angel Place Shopping Centre Bridgwater.
A portfolio of Student accommodation was also part of the transaction.
The transaction further builds on PwC’s strong track record advising owners, investors and lenders on shopping centre transactions and restructuring solutions; ranging from Project Mercatus, the sale of the Natwest loan book secured against a portfolio of shopping centre and leisure assets, to smaller portfolios and individual asset sales, which has enabled the team to deliver a strong outcome for their client in a challenging market.
Gary Martin, a director of Martin Property Group, said:
"We are delighted to complete this transaction and become the custodians of these important assets in locations right across the UK, particularly at a time where shopping centres require hands-on asset management.”
"We will be focused on stabilising, repositioning and where possible developing the assets further. We look forward to working with the councils in each of these locations as they will be an important part of the future success of these assets.”
“We look forward to working with the councils in each of these locations as they will be an important part of the future success of these assets. Tenants across the portfolio include Odeon, Lidl, NHS, Sky, Iceland, Primark, EE and Home Bargains among others.”
SMP decided to sell the Company following the outcome of a Strategic Asset Liability Review. SMP’s choice to sell to the Martin Property Group was based on the expectation that Martin Property Group will be best able to support the long-term potential of these shopping centres, with SMP achieving its aim to secure a buyer that is good for both the customers involved, and the communities that these shopping centres serve.
PwC Deals Partner Mark Addley, stated:
“We are pleased to have successfully delivered this transaction which demonstrates there is continued interest in supporting and investing in UK high street assets underpinned by a solid strategy, even though we are facing challenging economic headwinds.”
The PwC team was led by Mark Addley (BRS) and comprised the following:
- Corporate Finance: Colin Davis
- Business Restructuring: Pelham Etherington, Chloe Timms and George Pepper
If you would like any further information on the transaction, please contact Mark Addley or Colin Davis.
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