US investor Ardent Companies has completed its circa £90m purchase of Solihull’s Touchwood shopping centre from Lendlease, and has named Sovereign Centros as the centre’s asset manager.
The firm, which exchanged contracts to buy the centre in May, has also appointed Cushman & Wakefield and Knight Frank as joint leasing agents.
A new asset management initiative for the 650,000 sq ft complex will be put in place, called “Project Atlanta”. As part of this, Ardent and Sovereign Centros will work closely with Solihull Council to make a series of improvements to signage, entrances and the main arcades.
By doing so, the duo aims to maximise the opportunities for Solihull as a visitor location and capitalise on regional investment initiatives, including the 2022 Birmingham Commonwealth Games. Nearly 50% of its events will be hosted in the borough.
Sovereign Centros will work with C&W and Knight Frank to drive initiatives through Project Atlanta focusing on attracting the latest retail and leisure concepts to the centre.
Touchwood is backed by Ardent’s Strategic Fund I and is the investor’s second acquisition since launching its UK arm in January, after buying 1.4m sq ft of industrial space from M7 Real Estate in March.
Ardent said it is actively seeking opportunities to “acquire and reposition high-performing assets” across other UK property sectors, working with asset managers to grow the value of its investments.
Andrew Hilston, managing director at Ardent UK, said: ‘Touchwood’s exceptional location and strong tenant line-up were important factors in our decision to invest – underpinned by its emergence as the only John Lewis-anchored centre in the region.
“Solihull is poised for growth as a key commercial location within the West Midlands and we have already received numerous competitive approaches for space at the centre from potential occupiers across retail, leisure and hospitality.”
Matt Shulman, chief executive at The Ardent Companies, said the acquisition “marks a new milestone” for its UK investment platform.
Chris Geaves, chief executive of Sovereign Centros, said the asset manager saw “a real opportunity to strengthen the centre’s position at the heart of a thriving regional market”.
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