Europa Capital and Scoop AM LLP purchase Washington Square
Europa Capital and joint venture partner Scoop AM LLP are pleased to announce the purchase of the long leasehold interest in Washington Square, an open air shopping centre located in Workington, for over £30 million.
Washington Square is a 263,000 square foot shopping centre in West Cumbria, constructed in four blocks totalling 60 retail units. The property is anchored by Debenhams and has a 427 space multi-storey car park on site. Washington Square was sold through LPA receivers at DTZ. CBRE acted for Europa Capital and Scoop AM LLP on the acquisition.
This is Europa Capital’s second investment with Scoop AM LLP having previously acquired Fremlin Walk Shopping Centre in Maidstone, Kent.
Rob Sim, Head of Northern Europe at Europa Capital, stated “We are very pleased to have the opportunity to work with Scoop again following our successful joint venture on Fremlin Walk. Washington Square offers Europa Fund IV the opportunity to add significant value to a retail environment which is steadily and economically improving.”
Stuart Farnell, Partner of Scoop AM LLP, added “Scoop is delighted to renew its relationship with Europa Capital. Workington has strong retailing fundamentals but has not realised its trading potential in recent years. With fresh owners and a clear business plan we expect Washington Square to prosper.”
Notes to Editors:
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Scoop is a leading UK Retail Asset Manager & Developer. It is independent and privately owned, with a clear focus on UK assets, in particular shopping centre investments and retail led development. Scoop partners with real estate investors, including property fund managers and opportunity funds.
Further information may be found at www.scoop-am.com