Search
 

Westchester Buys Three Retail Parks And Looks For More

LONDON-Westchester Property Holdings, the specialist out-of-town retail fund set up by property investor Grantchester and ex-retailer Tom Hunter has bought its first three properties and secured loan finance to buy more.

By Graham Parker | Updated on October 25, 2001

LONDON-Westchester Property Holdings, the specialist out-of-town retail fund set up earlier this year by property investor Grantchester and ex-retailer Tom Hunter, has agreed a £70 million ($100 million) revolving finance package with Bank of Scotland and the Royal Bank of Scotland to finance further acquisitions. It has already bought three retail parks for £40 million ($57 million).

Two of the acquisitions are on the Isle of Thanet in Kent and the third in the city of Durham. The Westwood and East Kent retail parks in Thanet were purchased for £30.5 million ($44 million). Between them they provide 161,000 sf in 11 units, and tenants include Matalan, Homebase, Powerhouse, Harveys, Carpetright, Currys and Comet. A 16,000-sf extension to the Matalan store will be completed next month and Westchester has plans to refurbish and extend the scheme further.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.