New Frontier enters UK market

Mauritian-based New Frontier Properties has made its debut in the UK retail market with the purchase of two shopping centres in Middlesbrough and Burton upon Trent for 179 million from F&C REIT.

Mike Riley, CEO of New Frontier Properties, commented: The acquisition of the Cleveland Centre and Coopers Square marks the start of New Frontier Properties becoming a major UKshopping centre investor. These assets are indicative of the type we are considering: strong, dominant shopping centres with significant potential for improvement. We hope to announce further purchases in due course.

The Cleveland Centre provides Middlesbroughs main fashion offer and spans 393,000 sq ft across more than 60 stores. It is anchored by Boots, Topshop, New Look and H&M, and includes 550 car parking spaces at roof level.

Coopers Square is the dominant shopping centre in Burton upon Trent and totals almost 400,000 sq ft. It is anchored by Marks & Spencer, Primark, Next and BHS, and includes 800 car parking spaces.

New Frontier has appointed Londonbased Waypoint Asset Management as asset manager. It has earmarked up to 300 million to invest in UK shopping centres in the next year through retained advisers Lunson Mitchenall and Coady Supple.