Hammerson eyes 50% stake in Manchester Arndale
The group of former Intu investors that owns half of the 2m sq ft retail complex has reached a deal to sell its stake.
Hammerson, which also owns the Bullring in Birmingham, is understood to have agreed a deal for 50% of Manchester Arndale, which Global Mutual manages on behalf of the investors.
Green Street News and CoStar have reported that the deal is worth £220m.
Global Mutual appointed JLL to find a buyer for its 50% stake in early 2025 but the process was shelved last autumn before being revived this year.
M&G owns the other 50% of Manchester Arndale. The retail complex is 98% let and is visited by around 45m people annually. Recent deals include lettings to Sephora, Pure Seoul, and Arc’teryx.
Hammerson, which is listed on the London Stock Exchange and invests in retail and leisure anchored assets like Brent Cross Shopping Centre in London and Cabot Circus in Bristol, declined to comment.
JLL, which advised the vendor, also declined to comment.
PLEASE can we get some sort of redevelopment up and going for this site. It is a PRIME brilliant site in the beating heart of the city – yet the key Market St/High St/Shudehill side is occupied entirely by wasteful two storey frontages from a bygone era. The potential for taller blocks, reopening of streets, and getting rid of some hideous architecture is tantalising.
By Anonymous
Anonymous 12.22pm, you are 100% correct.
By Anonymous
Anonymous 12:22 Exactly, there is so much wasted potential in that area of the city locked up in ugly, non-functional and oppressive facades, funnelling hordes of people onto one single street that is predictably impassable on the weekends. I think it’s quite telling that just one street across from the busiest part of Manchester is usually completely deserted.
By Anonymous
Please break arndale down and rebuild it, it’s just disgusting
By Anonymous
Would rather shop in Liverpool, Leeds, Trafford Centre, Meadowhall, York than in MCC.
By Anonymous