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Henderson attracts Primark to UK and Spanish centres

​Henderson Global Investors has signed up Primark at its Whitefriars Shopping Centre in Canterbury and Miramar Shopping Centre in Spain.

​Henderson Global Investors has signed up Primark at itsWhitefriars Shopping Centre in Canterbury and Miramar Shopping Centre in Spain.

Primark will take 40,300 sq ft at the entrance to Whitefriars’ Marlowe Arcade in two units due to be vacated by BHS in January. It is scheduled to open its three-level store in summer 2014. It will provide the centre with a third anchor store, in addition to Fenwick and Marks& Spencer. Among the other multiple retailers at the 66-unit scheme are Next, Zara, Hobbs, Karen Millen, H&M, Boots and River Island.

Whitefriars, a 600,000 sq ft uncovered shopping scheme, opened in 2005. Henderson, together with Canada Pension Plan Investment Board, purchased the scheme from developer Land Securities two years later. The asset is held in the c. £650 millionHenderson UK Shopping Centre Fund, which also owns a one-third share in Birmingham’s Bullring in addition to the St James Centre in Edinburgh and 50% of Buchanan Galleries in Glasgow. It was granted a seven-year extension by investors last year and will now expire in 2021.

“Attracting such a strong brand with exceptional covenants is testimony to the strength of the retail market in Canterbury,” saidJason Boyce, senior portfolio manager for Henderson. “The fundamental investment criteria in Canterbury are sound. Along with a tenant mix that continues to grow in strength, the city is underpinned by a solid tourism trade.”

Meanwhile, In Spain, Primark has begun trading at the Miramar Shopping Centre in Fuengirola, Málaga. The new Primark store is located on the first floor of the Miramar Shopping Centre and has a total floor area of over 44,000 sq ft. The introduction of Primark to the centre represents a milestone in the Centre’s repositioning strategy, with other retailer introductions including Superdry, Guess, Parfois and Deichmann.

Miramar Shopping Centre is owned byHenderson’s European Retail Property Fund– and its Spanish partner, Grupo Myramar. The joint venture between Henderson and Grupo Myramar, which is also responsible for the operation of the Centre, began a series of major improvements to the asset at the end of last year, with an investment of almost €12 million.

The Parque Miramar complex comprises a shopping centre and a retail park. It opened in 2004 and currently has a Gross Lettable Area (GLA) of 67,500 m2. Its catchment area encompasses one million people and it is set in a privileged location, very close to the town centre of Fuengirola and the beach, with direct access to the A-7 motorway. Its retailers include Zara, Mango, Massimo Dutti, H&M, Blanco, Adolfo Domínguez, Decathlon and Worten. It also boasts a hypermarket and 12 screen cinema as well as 3,500 free parking spaces.

Having specialised in retail property for over 30 years, Henderson has a strong reputation for its retail expertise. It has been involved in some of the best-known and largest retail schemes across the UK and Europe. Many of these schemes have been ground breaking in terms of scale, design and innovation. Of its c.£12.7 billion AUM in property, c.£7.4 billion, c. 60%, sits within the retail sector. This includes over 170 retail assets across Austria, Belgium, China, France, Germany, Greece, Italy, Netherlands, Spain, Sweden& the UK.

Manuel Martín, Head of Henderson Global Investors in Spain, said: “We are delighted that such a high calibre retailer has chosen one of our centres to further its expansion in Spain. It further reinforces Miramar Shopping Centre’s position as a market leading retail destination.”

MMX Retail and McMullen Wilson are the letting agents at Whitefriars; Cushman&Wakefield represented Henderson in Spain.

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