Ares Management is quietly sounding out potential investors for a 50% stake in its Telford shopping centre in Shropshire.
Ares, formerly known as AREA Property Partners, is marketing the share in the mall, which is valued in excess of £300m, to a select group of institutional investors.
The town centre scheme has significant development potential. It comes just weeks after asset manager Sovereign Land won consent for a £200m proposal to almost double the size of the 1m sq ft mall. The plans include the addition of 400,000 sq ft of shops, alongside 250,000 sq ft of restaurants, bars, cafés, a cinema and a hotel.
Telford shopping centre forms part of a wider £450m redevelopment of the town, including the £250m Southwater scheme being built by the council and leisure developer Citygrove.
A source said: “It is quite a complicated opportunity with other developments nearby. If Ares gets the price, it will be a record.”
CBRE is advising Ares.
? Westfield has appointed Savills to market its Derby mall for more than £400m.
annabel.dixon@estatesgazette.com
