Kingfisher planning application submitted
Capital & Regional, the specialist retail property company, together with partner Oaktree Capital Management, L.P., have today submitted a planning application to create four family dining catering units within the leisure 'Hub' area of The Kingfisher Shopping Centre, Redditch.
In addition to circa 20,000 sq ft of catering space, the 'Hub' will comprise a Vue cinema and gym. The 'Hub' benefits from its own car park and lies adjacent to both a bus and rail transport interchange. Leisure specialists DCL are marketing the family dining units and have reported encouraging early interest.
New brands for Redditch also announced are Pandora, The Entertainer and Select.
The Entertainer, the UK's dominant toy retailer has opened a 2,150 sq ft unit. Select, the ladies fashion brand, will occupy 2,400 sq ft of retail space. Danish jewellery brand Pandora completes the new lettings and has opened a prime 650 sq ft unit. All three brands have been secured on 10 year leases.
Iain Minto, Retail Asset Manager for Capital & Regional, commented: "Since we purchased Kingfisher we have been working hard to enhance the centre's appeal and strengthen its regional dominance. Extending the centre's food offer and securing additional, quality retail brands plays a vital part in our strategy to meet the demand of our catchment and ensure we maximise the scheme's potential."
Capital & Regional and funds managed by Oaktree formed a joint venture partnership to purchase the Kingfisher Shopping Centre from clients of Scottish Widows Investment Partnership. The centre comprises one million sq ft, and is anchored by Debenhams, Marks & Spencer, Next and Primark.
Jackson Criss, Bidwell Webber De Pons & Davis Coffer Lyons are the leasing consultants.
Notes to Editors:
About The Kingfisher Shopping Centre
• The Kingfisher Shopping Centre, originally built in the early 1970s, is Redditch's prime covered retail destination, with over 160 high-street retailers in a two-level, 920,000 square feet mall.
• Located in the heart of the town, the Kingfisher Shopping Centre serves circa 185,000 shoppers on average each week. Stores currently include: Debenhams, M&S, Primark, Next, New Look, BHS, TK Maxx, Wilkinsons and an Apollo Cinema.
• The Kingfisher Shopping Centre is centrally positioned on Redditch's High Street/within Redditch's ring road and is supported by 2800 car parking spaces, an integrated bus station and an adjacent rail station.
• Capital & Regional acquired The Kingfisher Shopping Centre for £130m in May 2012 with a joint venture with Oaktree.
About Capital & Regional plc.
Capital & Regional is an entrepreneurial property company with a track record of developing asset management opportunities in town centre shopping centres. The current investment portfolio & assets under management total £2.1bn.
The Mall Fund; the UK's community shopping centre Fund, was founded by Capital & Regional in conjunction with Aviva Fund Managers. Capital & Regional acts as Property and Asset Manager for the Mall and owns 20.1% of the Fund.
The X-Leisure Fund; Capital & Regional own an 11.9% stake in the X-Leisure which is managed by XLeisure Limited in which Capital & Regional holds a 50% interest.
Germany; Capital & Regional & AREA Property Partners each hold a 50% interest in a German retail property portfolio which is managed by Garigal Asset Management GmbH, in which Capital &Regional holds a 30% interest.
Capital & Regional has a number of other joint ventures and wholly-owned properties.
Oaktree is a leading global investment management firm focused on alternative markets with $81 billion in assets under management as of September 30, 2012. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, USA the firm has over 700 employees and offices in 13 cities worldwide. For additional information, please visit Oaktree's website at www.oaktreecapital.com.