TIAA-CREF acquires Festival Place from Grosvenor Fund Management
TIAA-CREF has acquired Festival Place Shopping Centre, Basingstoke, from Grosvenor Festival Place Fund.
The one million square foot shopping centre was redeveloped by Grosvenor in 2002 and has approximately 175 shops and a 2,770-space, multi-story car park. It is the dominant retail property in Hampshire and is anchored by Debenhams, Marks and Spencer and a 10-screen Vue Cinema. Other retailers include Apple, Zara, H&M, Next, River Island, Superdry, Top Shop/Top Man and BHS.
“Festival Place fits with our long-term strategy to invest in high-quality, regionally dominant shopping centers,” says Anthony Butler, director, real estate investment management at TIAA-CREF Asset Management UK. “We look forward to working with the local council and community to improve the Festival Place experience for customers and retailers alike."
“The sale of Festival Place to TIAA-CREF reflects the winding-down of Grosvenor Festival Place Fund, which soon comes to the end of its life. We will now be looking to reinvest Grosvenor’s share of the sale proceeds back into the UK retail sector,” says Tony Christie, head of retail at Grosvenor Fund Management.