Chester Grosvenor Shopping Centre sold for £65m

Investment firm HIG Capital has bought the 250,000 sq ft Grosvenor Shopping Centre in Pepper Street from Carlyle Properties and Bride Hall Estates for around £65m.

Strutt & Parker and Cushman & Wakefield were appointed in January to sell the property, which is made up of 70 retail and leisure units. Occupiers include Debenhams, TK Maxx, H&M, and restaurants Patisserie Valerie and Piccolino.

Carlyle and Bride Hall bought the shopping centre in 2008 from Capital & Regional for £280m as part of a three-asset portfolio.

Riccardo Dallolio, managing director of HIG, said: "This investment demonstrates our ability to secure value added assets in the UK market. In this respect, our speed of execution and flexible approach gave us a competitive edge.

"We will continue to acquire assets where we see an opportunity to add value by enhancing the income and quality of the asset."