Israeli investor leads in £100m Festival Place bidding

Israeli investor MDSR is leading the bidding for Basingstoke’s Festival Place Shopping Centre, which is up for sale from receivership. It is understood that Festival Place is close to going under offer for £100m, with CBRE advising MDSR on the acquisition. Savills is marketing the long leasehold of the 1.1m sq ft centre on behalf of BDO.  Tenants include Marks & Spencer, Next, H&M, Superdrug, Apple, Nando’s, Sports Direct, Five Guys, TK Maxx and Vue Cinema. Sovereign Centros, the asset manager of the centre, agreed new lettings to Superbowl and Hans Buffet in the autumn of last year. The centre has a weighted average unexpired lease term of 5.76 years, with 4.36 years to the next break. Image © Savills