AEW Europe has acquired Festival Place in Basingstoke, a 1.1 million sqft shopping centre in Hampshire, from TH Real Estate. The acquisition is on behalf of a partnership between AEW Europe and the Teacher Retirement System of Texas.
Festival Place is a dominant town centre scheme with anchor tenants including Debenhams and Marks and Spencer, and a strong line-up of national and international brands including Next, Apple, H&M, Zara and New Look.
The centre also has a significant leisure offer in place with a 10 screen Vue multiplex cinema and around 20 restaurants, including Ask Italian, Pizza Express, Wagamama, Costa, Gourmet Burger Kitchen, Giraffe and Nandos.
Festival Place has a history of high footfall and consistent revenues, and benefits from a large and affluent catchment area. AEW Europe will undertake a number of asset management initiatives and strategic capital expenditure to improve the tenant mix and further enhance the shopping experience.
Russell Jewell, Head of Private Equity Funds at AEW Europe commented: “Festival Place dominates Basingstoke town centre and we will seek to add value by reconfiguring the existing space and further improve the tenant mix. With occupancy currently standing at just over 92%, there is also room to improve the income profile of the asset.”