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Milsom Place DW

TIAA Henderson Real Estate acquires Bath's premier retail and restaurant destination

TIAA Henderson Real Estate (TH Real Estate) has acquired Milsom Place, Bath, from the L&R Group for £26.1m.

Over a number of years, private developers, L&R, built the estate through the acquisition and development of a series of listed buildings that link key streets and courtyards in the heart of Bath. The result is an accessible, contemporary environment, which continues to respect the historical Georgian design which the city is known for.

Milsom Place comprises a dynamic tenant mix, including Jamie’s Italian, Carluccio’s, Cote, YO! Sushi, Cath Kidston, Hobbs, and Phase Eight. The site also nurtures independent retailers and cafes, which help to create a vibrant and coherent food and retail destination. 2015 will also see the arrival of Burger and Lobster, CAU and Franco Manca. The tenant mix has been supplemented by an active management regime and a programme of innovative food and fashion events new to both Milsom Place and the city. 

MMX Retail acted for TH Real Estate and Bruce Gillingham Pollard acted for L&R Group.

Rob MacQueen, Senior Portfolio Manager at TH Real Estate said: “The acquisition of Milsom Place fits with our strategy of acquiring core, defensive assets in strong cities, and demonstrates our ability to transact efficiently in a competitive market. With the anticipated arrival of Burger & Lobster, CAU and Franco Manca, Milsom Place will reinforce its position as Bath’s premier restaurant destination during 2015. We have an exciting, long-term business plan which seeks to enhance this excellent tenant mix whilst continuing to offer an excellent consumer experience.”

Ken Elliott, L&R Director added: “We are proud to have created an estate which is such a good fit with both the needs of the city and the marketplace. This required attention to detail across all aspects of the project, from design to asset management, to brand and event management, both in Milsom Place and the wider destination. There is nothing artificial about this environment; we have created a place with life, integrity, character and style.” 

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority.TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of Investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and Investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice. *All figures as at 30 September 2014.  

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