Pan-European investment group acquires Bradford shopping centre

Pan-European investment, development and real estate management group Eurofund Group has acquired The Broadway shopping centre in Bradford in a deal funded with financing support from BGO.

The centre, which represents the group’s first-ever wholly-owned investment, was acquired from Joint Fixed Charge Receivers, represented by Savills.

Eurofund Group will serve as both investor and asset manager at The Broadway and, upon acquisition, is planning to invest an additional £10 million in an asset enhancement plan aimed at improving the centre’s overall customer experience and leasing mix.

Situated in the centre of Bradford, The Broadway is a 570,000 sq ft retail and leisure complex, anchored by a number of major brands including Next, JD Sports, Primark, H&M, The Light Cinema and Flip Out. It was originally developed by Westfield and first launched in 2015.

Ion Saralegui, CEO of Eurofund Group, commented: “The acquisition of The Broadway marks a major milestone for Eurofund Group as our first-ever solo investment and a significant step in expanding our UK footprint.”

“It reflects our ambition to act as a proactive investor and developer, focused on retail assets with the potential to become dominant catchment destinations. Building on the successful repositioning of Silverburn, we see a unique opportunity to continue unlocking long-term value and delivering tangible impact.”

According to Eurofund Group, its active asset management approach at Glasgow’s Silverburn shopping centre has helped to drive record footfall for three consecutive years. This has contributed to year-on-year like-for-like sales growth of approximately 23 per cent and an increase in occupancy from 72 per cent to around 95 per cent. The group says it will apply the same proactive approach at The Broadway.

Eurofund Group CEO UK Retail Alberto Esguevillas said: “Our approach is rooted in hands-on asset management and operational excellence, with a strong focus on leasing, customer experience and day-to-day performance.”

“At The Broadway, we see a clear opportunity to further strengthen its position as the leading retail destination in its catchment.”

Find out more about the opportunities offered by physical retail acquisitions in the UK

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