Capital and Regional acquires The Exchange, Ilford

The Exchange Centre, Ilford in London has been acquired by Capital and Regional from a Meyer Bergman fund for 78 million pounds.

The acquisition, which comprises the purchase of a holding company that owns the property, will be funded from the Group's existing cash resources, including recycling the proceeds from the recent disposals of The Mall Camberley and the Group's Buttermarket Centre, Ipswich joint venture, as well as through a new seven-year debt facility of 39 million pounds, secured on the asset, with DekaBank Deutsche Girozentrale.

The Exchange Centre is located opposite Ilford train station which will be rebuilt ahead of the opening of Crossrail, which is planned for 2019. It has three trading levels with 77 units providing 300,000 square foot of space and a multi-storey car park with over 1,000 spaces. The shopping centre is anchored by Debenhams and Marks and Spencer with other retailers including H&M, Next, River Island, Sports Direct, and TK Maxx.

Ken Ford, Capital and Regional’s executive director, said: “The Exchange is a centre we know well having previously been owned within our Mall Fund. We are excited at the significant opportunities to establish The Exchange at the heart of a regenerated vibrant town centre by introducing new leisure operators alongside new homes.

“The new Crossrail station opening in 2019 will also assist in underpinning the strong growth potential we see in the retail offer and we look forward to working with the council, the community and other stakeholders to bring forward our exciting plans.”