New Frontier Properties acquires two UK shopping centres

Mauritian-based special property vehicle, New Frontier Properties, has entered the UK retail market with the purchase of two shopping centres in Middlesbrough and Burton-on-Trent.

Totally 179 million pounds, the property group has bought two assets from F&C REIT, The Cleveland Centre in Middlesbrough and Coopers Square in Burton-on-Trent.

The Cleveland Centre has more than 60 stores, with fashion retailers Topshop, New Look and H&M acting as anchor tenants, while Coopers Square houses the likes of Marks and Spencer, Primark, New Look, BHS and River Island.

Mike Riley, chief executive of New Frontier Properties, said: “The acquisition of The Cleveland Centre and Coopers Square marks New Frontier Properties start of becoming a major UK shopping investor.

“These shopping centres are indicative of the sort of assets we are considering; strong, regionally dominant shopping centres with significant potential for improvement. We hope to announce further purchases in due course.”

According to reports, New Frontier Properties has earmarked up to 300 million pounds to invest in UK shopping centres in the next year, these two acquisitions marks the first, and it has retained advisors, Lunson Mitchenall and Coady Supple to look for other suitable locations to invest in.