Exit #5: Swinton Shopping Centre
Location: UK, Manchester
Asset Sub Class: Retail
Strategy: Repositioning
Mansford acquired the Swinton Shopping Centre in North West Manchester from a UK pension fund disposing of its assets. The asset formed the main shopping area in the town centre. Constructed in the mid 1960s the centre comprised approximately 200,000 square feet of retail space with over 70 retailers anchored by large multiples.
The investment offered opportunities to significantly enhance value through a lease re-gearing of the ownership interest with the freeholder, refurbishment works, new build opportunities and the letting of vacant accommodation. Following successful implementation of the business plan an IRR of 27.2% and a return on equity of 3.0x was achieved.