Eurofund Group, a pan-European investment, development and real estate management group, has continued its expansion with the acquisition of The Broadway, Bradford.
The centre has been acquired from Joint Fixed Charge Receivers, who were represented by Savills.
The centre marks Eurofund Group’s first-ever wholly owned investment, where it will fulfil a role as both investor and asset manager. The purchase has been funded with financing support from BGO.
Upon acquisition Eurofund Group is planning on investing a further £10m in an asset enhancement plan to improve the overall customer experience and the leasing mix.
The Broadway is a 570,000 sq ft retail and leisure destination in the centre of Bradford. Originally developed by Westfield and launched in 2015, the centre is anchored by brands including Primark, JD Sports, H&M, Next, Flip Out and The Light Cinema. It currently attracts an annual footfall of 11 million.
Ion Saralegui, CEO of Eurofund Group, said: “The acquisition of The Broadway marks a major milestone for Eurofund Group as our first-ever solo investment and a significant step in expanding our UK footprint.
“It reflects our ambition to act as a proactive investor and developer, focused on retail assets with the potential to become dominant catchment destinations.
“Building on the successful repositioning of Silverburn, we see a unique opportunity to continue unlocking long-term value and delivering tangible impact.”
David Shepherd, strategic director for place at Bradford Council, said: “We are pleased the Eurofund Group has recognised our commitment to delivering an impressive programme of regeneration projects, high-quality transformative place shaping and the delivery of outstanding, award-winning public realm.
“This is a significant vote of confidence in the future of Bradford city centre. Broadway is a key part of Bradford’s ambitious, ongoing redevelopment”.
Eurofund Group said itss active asset management approach at Silverburn shopping centre, in Glasgow, has delivered record footfall for three consecutive years, including 17 million visits in the 12 months to March.
This has been accompanied by approximately 23 per cent year-on-year like-for-like sales growth and a significant increase in occupancy, from 72 per cent to around 95 per cent. The group explained the same proactive strategy will be applied at The Broadway.
Alberto Esguevillas, CEO UK Retail at Eurofund Group, added: “Our approach is rooted in hands-on asset management and operational excellence, with a strong focus on leasing, customer experience and day-to-day performance.
“At The Broadway, we see a clear opportunity to further strengthen its position as the leading retail destination in its catchment.”