Member Article

H.I.G. Realty Partners Renews Leases for Key Tenants at the Grosvenor Shopping Centre, Chester

LONDON – August 17, 2017 – H.I.G. Realty Partners (“H.I.G.”), the real estate affiliate of H.I.G. Capital, a leading global alternative asset management firm with €20 billion of equity capital under management,* announced today that it has renewed leases for two of the most popular tenants of the Grosvenor Shopping Centre in Chester, which it acquired in 2015. Well-known retail brands H&M and Arcadia Group’s Topshop/Topman have extended their leases at the centre for another five years.

In just two years, H.I.G. has secured lease extensions for seven of the Grosvenor Shopping Centre’s tenants. Alongside H&M and Topshop/Topman, lease renewals have been agreed with Ann Summers, Build-a-Bear, Gieves & Hawkes, Millie’s Cookies and Vodafone. In addition, H.I.G. has attracted new lettings with Muffin Break, Grafficks and Castle Galleries. 2016 footfall at the Grosvenor Shopping Centre was 7.3 million, 1.2% more than in 2015. Footfall has an annual growth figure to mid-year of 4.4% at the centre, in contrast with the average UK figures, which show an overall decline.

H.I.G. intends to further enhance the diversity of tenants in the Grosvenor Shopping Centre, by providing shoppers with a mixture of retail, food and leisure offerings to respond to the needs of shoppers visiting the centre.

Simon Laker, Head of European Asset Management at H.I.G. Realty in London said: “We are delighted to announce that two of the Grosvenor Shopping Centre’s most recognised tenants, H&M and Arcadia, have both decided to extend their leases. This is confirmation of the strength of the centre as the premier fashion destination in Chester. The Grosvenor Shopping Centre benefits from its central location alongside the majority of shopper and tourist footfall – a factor which underpins H&M and Arcadia’s decision to recommit to the centre.

We intend to widen the proposition of the Grosvenor Shopping Centre by attracting new retailers in the fashion, home, entertainment and children’s retail space. Additionally we will strengthen the centre’s food and leisure components, so the spectrum of family shopping needs can be fulfilled.“

H.I.G. invests across all real estate sub-sectors in Europe and owns three retail assets in the UK – the Grosvenor Shopping Centre, Chester, the Kennet Centre, Newbury and the Kirkgate Centre, Bradford.

This was posted in Bdaily's Members' News section by Emily Kench .