NewRiver Retail has bought The Broadway shopping centre and Broadway Square retail park in Bexleyheath, southeast London, for £120m.
The two sites comprise 525,000 sq ft of retail space across an 11-acre site and comprise 60% of the town’s retail space.
The Broadway is anchored by Marks & Spencer, H&M and New Look, while Broadway Square tenants include Sainsbury’s, JD Sports and TK Maxx.
The centres will benefit from regeneration and infrastructure projects including Thames Gateway, which will provide 160,000 new homes in the area, and direct access to Abbey Wood Crossrail station, which is expected to be operational in 2018.
“The acquisition represents our first significant acquisition within the M25 and is our largest single shopping centre acquisition to date,” said David Lockhart, NewRiver Retail chief executive.
It follows a deal to acquire the Neptune shopping centre portfolio, comprising the Ridings shopping centre in Wakefield, the Cornmill shopping centre in Darlington and the Capitol shopping centre in Cardiff, for £108m, which took place in January this year.
NewRiver was founded in 2009 to specifically focus on UK retail real estate and manages £1bn portfolio comprising 32 shopping centres, further retail assets nationwide, as well as 358 pubs.