Flagship shopping centre is taken over by Germans for £18.7m
A KEY shopping area in Harborough town centre has been sold to a German bank.
St Mary’s Place, which opened in the early 1990s, has been bought by Deutsche Bank. The 55,000sq ft mall is home to 26 retail units, including Argos, Boots, Wilkinsons, Specsavers, Costa Coffee and Greggs, a kiosk and the Pizza Express restaurant.
RREEF, the real estate investment arm of Deutsche Bank’s asset management division, acquired the site for £18.7 million from previous owners Kandahar, the trust owned by Carphone Warehouse tycoon David Ross.
Terms of the transaction, which went through on September 1, are not being disclosed.
James Petit, head of RREEF UK, said: “This is an ideal acquisition for our German clients due to its locations, lot sizes, rental incomes and opportunity to enhance returns through asset management initiatives. Our core clients in Germany and Asia Pacific have a strong appetite for well-located assets in the UK and we continue to identify compelling investment opportunities on their behalf.”