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Doughty Hanson sells Old George Mall for over GBP80m

Doughty Hanson & Co Real Estate, one of Europe’s leading private equity real estate investors, has sold Old George Mall (pictured) in Salisbury to a pension fund client of Orchard Street Investment Management LLP, for over GBP80 million.  

Old George Mall comprises 137,000 square foot of retail space and a 565-space multi storey car park, forming the prime retail pitch in the centre of Salisbury, an affluent Cathedral City in South West England.

Doughty Hanson acquired Old George Mall in January 2009. Since then, Doughty Hanson has created value at the shopping centre through asset management, leasing and capital investment.  Doughty Hanson has completed new leases with high quality tenants that match the catchment area’s shopper profile, including Topshop, Topman, Fat Face, Animal, Costa Coffee, Hotel Chocolat, and Boston Tea Party, among others. In addition, it signed lease renewals with Russell & Bromley, Vodafone, and Claire’s Accessories.  In total, Doughty Hanson completed leases for more than 27,000 sq ft or more than 20% of the lettable area.  

Commenting on the sale, Julian Gabriel, the head of Doughty Hanson & Co Real Estate, says: “We have successfully repositioned the tenant line-up at Old George Mall by signing new leases with high quality fashion retailers and other top quality high street brands.  Old George Mall is now well positioned to provide an attractive shopping offer going forwards and we are pleased to have agreed a sale to Orchard Street who will be able to continue this work over the longer term.”

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