The X-Leisure Fund, managed by Capital & Regional and Hermes, has paid£65 million for the commercial element of Brighton Marina.
The deal covers 20 acres (8 ha) of the Brighton marina, which has been developed in three phases to provide 375,000 sq ft (34,840 sq m) of retail and leisure space.
The scheme features an outlet mall, with tenants including Virgin Cosmetics, Calvin Klein, Reebok and Jane Shilton.
A David Lloyd health and fitness club, a Bowlplex bowling alley and London Clubs make up the leisure element, and last year a waterfront hotel, bars and restaurants were completed.
As part of the deal, the vendor, Parkridge, remains X-Leisure's development partner for the rest of the site, where there is potential for as many as 1,500 residential units and 250,000 sq ft (23,225 sq m) of additional commercial space.
The deal brings the asset value of the X-Leisure Fund, Casino, which was formed in March, to£593 million.
X-Leisure chief executive PY Gerbeau said: 'By working closely with the Parkridge team, we look forward to adding future developments, further enhancing the consumer experience and ultimately our asset value.'
Montague Evans acted for Parkridge, while Ashworth Sibal Welch represented X-Leisure.
No comments yet