Primark poised to acquire Pavilions shopping center for 60 million pounds

Irish value retailer Primark is preparing to seal the deal to purchase a

shopping center in Birmingham for 60 million pounds.

Last November, Primark confirmed rumors circulating that the company was interested in obtaining the lease for the Pavilions shopping mall. The step highlights the value retailer's ambitious expansion plans, as Primark aims to convert half of the 250,000 square foot shopping center into one of the country's biggest Primark stores, whilst renting out the other half.

The value retailer would be purchasing the shopping mall from UBS Triton Property Fund, with an official statement concerning the agreement expected to be issued within the next few days, reported the Telegraph. Retailers such as Marks & Spencer, Evans and Laura Ashley currently have units in Pavilions, and it remains unclear as to what will happen to these stores once Pavilions has been acquired.

Primark currently owns 269 stores around the world, which cover nearly 10 million square feet of retail space. Earlier this year the value retailer announced plans to expand into the US, with the first store scheduled to open in Boston by the end of 2015.