Warner Estate Holdings has injected its six shopping centres in the Northwest into a new joint venture with Bank of Scotland Corporate Banking. They plan to grow the Agora Shopping Centre fund with purchases.
The six initial shopping centres are: the Market Place Shopping Centre at Bolton; the Middleton Shopping Centre at Middleton, Manchester; the Fishergate Shopping Centre in Preston, Lancashire; the Port Arcades Shopping Centre in Ellesmere Port; the Square Shopping Centre in Sale, Manchester and the Cavern Walks Shopping Centre in Liverpool.
The portfolio has a total floorspace of 143,000 sq m, with a rent roll of£15.8 million a year.
The joint owners now plan to invest£50 million in the redevelopment and improvement of the centres.
Warner Estate Chairman Philip Warner said: 'Each shopping centre has a good catchment area with the right demographics and is well positioned in the town. With our plans for the active management of the portfolio, we see excellent potential for growth in both rental income and capital value.'