RivingtonHark swoops on Liverpool mall

RivingtonHark has teamed up with AnaCap Financial Partners to buy the 540,000 sq ft St Johns shopping centre in Liverpool. No purchase price for the centre has been confirmed, but sources suggested that it was likely to have sold for less than £40m. Vendor InfraRed Capital Partners had sought to sell the scheme for £140m – reflecting a 6% yield – in 2015 but was unable to conclude a sale. It bought the centre in 2012 from LandSec for £76.5m. AnaCap and RivingtonHark said they would continue to invest in St Johns, which has benefited from significant renovation and refurbishment investment over the past decade, to ensure it meets “the ongoing demands of a leading city-centre shopping centre”. RivingtonHark executive director Mark Williams said the firm was looking forward to working with tenants, Liverpool City Council and the wider community to “create long-term value for all stakeholders” in the scheme. Sebastien Wigdo, managing director of AnaCap, added: “This acquisition represents an exciting opportunity for AnaCap to invest in a prime and stabilised retail asset in the UK, demonstrating our ability to identify value in a sector which may have been previously overlooked. “We were particularly attracted to the asset given its high-quality location and strong tenant mix of both local and national retailers, a large number of whom have shown a long-term commitment to the location during Covid.” The mall, which has some 100 tenants, is currently 97% let. To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews Click here to view more investment comparables in Liverpool L1 >> Photo © RivingtonHark