Published: 10:00, 25 November 2014
| Updated: 10:00, 25 November 2014
A shopping centre in Kent has been bought by investors in a deal worth £110m.
Fremlin Walk in Maidstone was sold to M&G Real Estate, acquiring the site from Legal & General Property.
The 350,000 sq ft shopping centre, in the heart of the town, features a 100,000 sq ft House of Fraser as its flagship store.
It has 50 units for tenants and 760 car parking spaces and is already home to brands like Superdry, Zara, Top Shop, H&M, Boots and JD.
The acquisition was made on behalf of M&G Property Portfolio, managed by Fiona Rowley and Justin Upton.
Fund manager Ms Rowley said: “Maidstone is an economically strong South East town and Fremlin Walk is a modern shopping centre that provides the best retail space in the area.
“Maidstone is an economically strong South East town and Fremlin Walk is a modern shopping centre that provides the best retail space in the area..." - M&G's Fiona Rowley
“The town has good prospects for rental growth aided by significant developments elsewhere in the region.”
The open-air mall was built on the former Fremlin’s Brewery site by Centros Miller and forward sold to property investment giant Land Securities.
It opened in 2005 and was sold to Legal & General in 2011 for £92m.
This deal is the latest in a series of purchases by M&G, including Parc Trostre retail park in Llanelli for £156m and Aliffe House in Aldgate for £36.7m.
Cushman & Wakefield acted for M&G Real Estate. Legal & General Property was represented by CBRE.