High Street retailers New Look, Moss Bros and Perfume Shop have all recently agreed new ten year leases at The Liberty shopping centre in Romford. The Moss Bros store is scheduled to open later this month and New Look will open on 04 December.
Elsewhere in the centre, Dorothy Perkins have taken a further three year lease of their unit and Card Factory have recently completed a lease re-gear which will see their lease extended until 2021.
The Liberty, which is anchored by Marks & Spencer and Debenhams, currently enjoys an annual footfall in excess of twenty million after being built in 1968 as a joint venture between Hammerson and Standard Life Investments. Hammerson acquired Standard Life’s 50% interest in the scheme for approximately £53m in 1999 before spending a further £52m refurbishing the centre and then selling to current owners Cosgrave Property Group in 2006 for £281m.
Cosgrave Property Group secured a £153m refinancing package with M&G Investments in August comprised of a £140m senior loan and a £13m capital expenditure facility for the redevelopment of part of The Liberty.
Dan Riches, Director of Real Estate Finance at M&G Investments said of the refinancing deal that it will enable The Liberty to “continue attracting leading retailers with strong leases”. The news that The Liberty has signed New Look, Moss Bros and Perfume Shop so soon after the completion of the refinancing tends to suggest that Mr Riches’ comment was absolutely correct.