Macclesfield shopping centre sold

Eskmuir Securities has bought the Grosvenor Shopping Centre in the Cheshire town for £20.86m.

The 88,000 sq ft shopping centre was sold by Friends Life Company and comprises 45 units. Current occupiers include Boots, Argos, Fat Face, Vodafone, and Brighthouse.

James Owen, senior fund manager at AXA Real Estate, who acted on behalf of Friends Life Company in the deal, said: "Since acquiring the shopping centre, we have undertaken a number of asset management initiatives to enhance the value of the property. The proceeds of the disposal will enable us to reinvest into our client's existing portfolio, where we have identified a number of opportunities to add value through redevelopment and refurbishment activity."

KLM represented the real estate fund and asset manager, AXA Real Estate, and Colliers International acted for Eskmuir Securities.