Royal London Asset Management Property has completed the sale of Lower Precinct, Coventry’s dominant city centre shopping destination, to Sheet Anchor Evolve, a London-based private property investment and management company within the M Core group. The transaction aligns with Royal London Asset Management Property’s strategy to streamline its retail portfolio and enhance long-term investor value.
Lower Precinct comprises 221,600sq ft of retail and leisure space and attracts over 8 million visitors annually, underlining its position as a key retail destination in the West Midlands. The shopping centre is home to leading brands such as H&M, River Island, New Look, Home Bargains, Superdrug, and Clarks.
Through proactive asset management, Royal London Asset Management Property has ensured Lower Precinct is fully let and continues to perform strongly. The investor has introduced new brands such as Søstrene Grene, The Works, The Fragrance Shop, Cards Direct, and Ryman, alongside the popular leisure operator Flip Out, further enhancing the destination’s appeal.
Royal London Asset Management Property has been a major stakeholder in Coventry for over 15 years, developing a close business partnership with Coventry City Council. The sale comes at a pivotal time for the city with the long-awaited City Centre South regeneration scheme now fully underway. This multi-million-pound project will deliver 1,575 new homes, new public spaces, restaurants, shops, and other amenities, with Lower Precinct set to benefit from the increased resident population.
Clare Andrews, investment manager at Royal London Asset Management Property, said: “This transaction marks the conclusion of a long-term active management programme at Lower Precinct. The centre is now performing strongly, supported by recent leasing momentum, and will be further enhanced by Coventry’s city centre regeneration.
“Last November, as part of the regeneration plans, we returned the much-loved local market to Coventry City Council, reinforcing our commitment to the community. We are proud to have worked closely with the Council as an important stakeholder during our ownership and look forward to seeing the city centre evolve into a modern, thriving commercial and residential destination as City Centre South unfolds.”
Sebastian MacDonald-Hall, chief investment officer (Europe) at M Core Property, said: “The acquisition of Lower Precinct is a significant addition to the M Core portfolio and reflects our commitment to investing in high-performing retail destinations across the UK. This asset complements our long-term strategy to deliver sustainable growth and value through active management and strategic positioning.”
Royal London Asset Management Property was represented by Knight Frank and Sheet Anchor Evolve was represented by Savills.