A 50% stake in the landmark Manchester Arndale complex is up for sale for £235m.
Property giant JLL has announced it is marketing the investment in the complex on behalf of the former INTU RCF Investors.
Manchester Arndale is one of the North’s best-known shopping centres, covering almost 2m sq ft with key tenants including Next, Apple, JD Sports, Zara and Boots.
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Announcing the sale, JLL said several Manchester Arndale tenants had recently invested in their stores – “demonstrating their commitment to this leading centre”.
A spokesperson for the investors said: “We are delighted to confirm we are working with JLL to commence the marketing process of the Arndale this week, providing investors an opportunity to purchase a 50% stake in this super prime city centre asset that has not been available since it last sold in 2005.”
The Arndale was built in the 1970s by the Arndale Property Trust at an initial cost of £100m. It was badly damaged in the and was subsequently
The complex was jointly bought by Intu and by M&G Real Estate in 2005. Intu went into administration in 2020.
This month Manchester Arndale bosses said with new long-term leases.
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Shoe retailer Deichmann signed a 10-year lease for a store extension, while Waterstones renewed its lease for seven years.
Victoria’s Secret signed a five-year deal and plans to refit its store, while The Body Shop signed a five-year deal and Urban Playground signed a three-year extended lease.
At the time, Scott Linard, portfolio director for M&G Real Estate, said: "Retailers want to be where the people are, and Manchester Arndale’s high visitor numbers, strong tenant mix, and prime city centre location make it a clear choice.”
And Steve Gray, head of European retail asset management at Global Mutual, said: "Their renewed commitment is a testament to the strong trading environment, impressive customer base, and dynamic mix of brands that the centre offers.”