City shopping centre sold for £22m

Market Gate Shopping Centre
Market Gate Shopping Centre

Market Gate Shopping Centre in Lancaster has been sold to a Monaco based company for £22m.

The newly founded Roubaix Group Ltd – a property investment business – has acquired the freehold of Market Gate Shopping Centre from Allied (Lancaster) Ltd for approximately £22m.

Chris Beckerman, managing director of Roubaix Group, said: “I am delighted to be able to announce my first deal since founding Roubaix Group and to have strong support from financial partner, Chenavari Investment Managers.

“The forthcoming arrival of Primark will be transformational for Market Gate and provides a springboard for further improvements to the Centre that will release untapped value.”

“This deal is the first of a string of proposed purchases Roubaix Group has in the pipeline and, with the substantial cash reserves at our disposal, we are targeting over £100m of additional acquisitions by the end of next year.”

The deal was completed in an “off market transaction” and is Roubaix Group’s first since the business was established in August, the company said.

Market Gate extends to 135,000 sq ft and tenants include New Look, WH Smith, Waterstones, Caffe Nero and Morrisons M Local together with a direct pedestrian link into Marks & Spencer.

Andrew Haines, Partner at Chenavari Investment Managers, added: “We are delighted to support Chris and Roubaix Group with their first acquisition.

“Chris has a fantastic track record and Lancaster’s Market Gate is the ideal asset with which to start building his portfolio.”

Chris is a Chartered Surveyor with over 20 years’ experience in the field of investment, development and management of commercial property, particularly within the retail and shopping centre sector.