MPG now plans to 'reposition' the asset. Credit: PNW

Martin Property Group takes full control of Chester retail complex 

Having acquired the freehold of the 211,000 sq ft Grosvenor Shopping Centre in August, the company has secured the 125-year leasehold too. 

As part of the deal, Martin Property Group has also acquired the long leasehold interest of the Newgate Street multi-storey car park and Jurys Inn Hotel Leonardo from H.I.I.G. Chester Property, part of HIG Capital. 

MPG did not disclose how much it paid for the leasehold, nor the price of the freehold, which it acquired from Grosvenor’s Eaton Estate. 

“The acquisition of the leasehold now allows us to take full control of this important portfolio of assets in the heart of Chester,” said Gary Martin, director at Martin Property Group. 

“We look forward to working with all stakeholders, including Cheshire West and Chester Council, as we look to reposition the centre and ensure its future success.” 

HIG Capital, which acquired the leasehold of the Grosvenor Shopping Centre from Carlyle Properties and Bride Hall Estates for £65m in 2015, placed the Chester shopping centre into receivership in 2020 but the complex continues to trade. CBRE was then appointed to sell the asset. 

This is the latest in a string of UK acquisitions for MPG, which include the purchase of more than 1.2m sq ft of retail space and student accommodation from Real Estate Investments Nederland BV. 

MPG owns several North West shopping centres, including Fishergate in Preston, Clarendon Shopping Centre in Hyde and Exchange Shopping Centre in Rochdale.    

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