CBRE Global Investors has acquired the Angel Shopping Centre in London from TH Real Estate acting on behalf of Hamburg-based Warburg-HIH Invest Real Estate. Terms of the transaction were not disclosed.
Formerly known as N1 Shopping Centre, the property is located in the vibrant central London borough of Islington, two miles from the City of London, and provides excellent transport links situated opposite Angel tube station.
The center, which totals 150,000 square feet, including a parking area for 100 cars, is currently 95 percent leased. It first opened in 2002 and has reached an annual footfall of approximately 10 million visitors.
The property’s 16 retail units are anchored by a 20,000-square-foot H&M and a 42,800-square-foot nine-screen Vue Cinema. Other notable tenants include GAP, French Connection, Tiger, Oasis, Monsoon and Academy Music Group. There is also a significant leisure component with six restaurants and bars.
According to CoStar, Islington is the most densely populated area in the U.K. Its population is estimated to increase by 14 percent over the next 15 years, well ahead of the national average. Car ownership here ranks as the second lowest in the U.K. and residents spend much of their disposable income within the borough.
“This is an exciting opportunity to acquire a well (leased) scheme in an affluent Zone 1, location. We expect strong occupational demand to enable us to continue to improve the tenant mix over time and to drive future rental growth,” Tom Gamble, director of CBRE Global Investors, said in a prepared statement.