US hedge fund acquires Sale’s Stanley Square

Altered Space has disposed of the 160,000 sq ft retail and leisure complex to Magnetar, which has added the asset to its varied portfolio for an undisclosed sum.

Magnetar is a hedge fund based in Illinois and has in excess of $22bn of assets under management. Founded in 2005, Magnetar invests in various sectors including data centres. Northdale Advisors is supporting Magnetar on its acquisition of Sale’s Stanley Square.

Magnetar’s purchase follows a successful few years for the complex, which is fully let following Altered Space’s repositioning efforts. 

PureGym recently opened a 20,000 sq ft facility there and Altered Space has also added flex workspace, a cinema, and a nursery to the offering since taking ownership in 2019. 

Footfall has increased 10% over the last 12 months, according to Altered Space, which Magnetar and Northdale have retained as asset manager. 

Michael Brown, co-founder of Altered Space, said: “Since 2019, we have actively repositioned Stanley Square as a resilient, mixed-use asset delivering both strong commercial returns and meaningful community impact. 

“Our continued role with Northdale allows us to build on this foundation and unlock the next phase of growth, evolving the scheme and driving long-term performance.” 

Joseph Pedlow, partner at Northdale Advisors said: “Stanley Square is a well-established town centre asset with strong fundamentals, and we see clear opportunities to enhance both its value and its role in the community. 

“Altered Space’s proven ability to reposition and activate the scheme made their continued involvement a key strategic choice, allowing us to build on their success and deliver sustainable growth.” 

The acquisition was completed in December 2025 but has not been previously reported.  Tughans advised Altered Space and Addleshaw Goddard acted for the purchaser.

Stanley Square has been owned by Maloneview, a vehicle which counts Altered Space’s founders among its directors, since 2005. The company bought the asset for £40m, according to Land Registry.