London shopping centre acquired in deal rumoured to be worth £75m

An international property development company has announced that it has acquired a London shopping centre for an undisclosed amount.

Ballymore has announced that it has exchanged contracts to acquire the Broadwalk Shopping Centre in Edgware, north London, from Aberdeen Standard Investments.

The deal, which is rumoured to be worth around £75m, will see Ballymore take the freehold interest of the 190,000 sq ft shopping centre.

The company, which has already engaged with the London Borough of Barnet to understand its ambitions for the site and the wider area, will now work together with the council, engaging with the local community and following its planning processes to get the regeneration of Edgware town centre underway.

Sean Mulryan, chairman and group chief executive at Ballymore, commented: “Ballymore has a great deal of experience in town-centre communities and over the many years we have been in business we have learnt a lot of lessons.

“How these places look to evolve in the coming years will be key to their success, as the essential nature of high-street retail changes so rapidly.

“Connected by the Northern Line to central London, this is a fantastic area with incredible potential for a mixed-use development with new homes, shops and businesses.

“We’re looking forward to collaborating closely with the local community and the council to evolve this town centre into a place that is fit for the future and ready to deliver what our communities want and need on their doorstep.”