British Land announces six new signings and upsizes as refurbishment moves into its next phase at Meadowhall

British Land announces six new signings and upsizes as refurbishment moves into its next phase at Meadowhall

LONDON, 2017-Mar-29 — /EPR Retail News/ — British Land, joint owner of Meadowhall, Yorkshire’s premier shopping destination, has announced six new signings and upsizes totalling over 85,000 sq ft as the £60 million refurbishment moves into its next phase.

  • Primark is to extend its existing unit by 21,000 sq ft, creating a 95,500 sq ft flagship store. The increase in size is being facilitated by a move into the former BHS unit.
  • Sports Direct has leased the remainder of the former BHS unit increasing its presence to 44,000 sq ft. Works are already underway to create the larger stores for both brands, with the new regional flagships due to launch this autumn.
  • Family value homewares and household goods retailer, Wilko, will move into the 14,500 sq ft former Sports Direct store in early 2018.
  • Following the success of the schuh store, a new 2,850 sq ft schuh kids specialist store will be opening next door on Meadowhall’s High Street. Launching in April, the store will take the brand’s total presence to almost 9,000 sq ft.
  • Outdoor clothing retailer Timberland, is launching a new look 1,950 sq ft store on Meadowhall’s High Street in April.
  • Second Cup is to open one of its first UK flagship coffee shops on Meadowhall’s Arcade. The 1,560 sq ft café will open later this month as the brand’s ‘black label’ site for the UK, featuring the company’s latest interior design concept.

These signings coincide with the next stage of Meadowhall’s refurbishment. After completion of The Arcade, work is shifting to Meadowhall’s Gallery, High Street and Park Lane, where each mall will be given a different look and feel, using high quality materials, increasing natural light, and improving sightlines. The £60m refurbishment completes at the end of the year and is the most significant investment in the centre since it opened.

Commenting on the news, Richard Crowther, Asset Manager for British Land, said: “With the refurbishment gathering pace, more and more brands are seeking to locate their leading stores at Meadowhall. For many, this means expanding their existing presence, allowing them to stock their full product range and benefit from the placemaking activities British Land brings to all its retail centres.

“These signings are ahead of previous rents, complement the refurbishment and reaffirm Meadowhall’s reputation as the leading shopping destination in the region. This is a very exciting time for the centre.”

Tom Meager, Group Director of Property at Primark, added: “The chance to create a larger store at Meadowhall was one we could not miss. We will open our new store at Meadowhall just as British Land completes the bulk of its refurbishment, so the timing could not be better.”

The latest signings and upsizes follow recent openings by Nespresso, Hawes & Curtis, T2, The Entertainer, Barburrito, Coffika, and Pret A Manger, along with new larger stores for JD Sports and Virgin Holidays.

CBRE, Smith Young and Davis Coffer Lyons acted for Meadowhall. Central Retail, Rawstron Johnson and BNP Paribas represented Primark, Sports Direct and Wilko respectively. Harper Dennis Hobbs and CBRE acted for schuh kids and Timberland. Space Retail acted for Second Cup.

 

Enquiries:
Investor Relations
Jonathan Rae, British Land 020 7467 2938
Media
Jackie Janssen, British Land 020 7467 3449
Pip Wood, British Land 020 7467 2838
Amanda McNally, Aver 020 3514 2137
Nick Thornton, Aver 020 3514 2148

About British Land
We are one of Europe’s largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality UK commercial property, focused on Retail and London Offices and Residential. We own or manage total assets of £19.0 billion (British Land share is £13.9 billion) as valued at 30 September 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups.

Our strategy is to create Places People Prefer. It is based on long term trends and creates a portfolio suited to current and future needs which are aligned to modern lifestyles. We employ our placemaking skills, and increasingly our mixed-use expertise to expand the appeal to a broader range of occupiers and drive long term performance.

Retail accounts for 49% of our portfolio. We create outstanding places for modern consumer lifestyles, places to shop, eat and be entertained. Comprising over 20 million sq ft of Retail and Leisure space across regional and local multi-let destinations, superstores, department stores and leisure assets, the Retail portfolio is modern, flexible and adaptable to a wide range of formats.

Office and Residential accounts for 49% of our portfolio. It comprises 7.6 million sq ft of well-connected office-led campuses and ‘campus-lite’ clusters of high quality buildings. Office campuses include Regent’s Place and Paddington Central in the West End and Broadgate (50% share) in the City. Other assets include York House, 10 Portman Square and Marble Arch House and our residential assets are at Clarges Mayfair, The Hempel Collection and Aldgate Place.

Two per cent of our portfolio is at Canada Water – a 46 acre redevelopment opportunity in our medium term pipeline to create a new mixed-use urban centre for London.

Sustainability is embedded throughout our business. Our places become part of their local communities and promote health, improve productivity and increase enjoyment. We protect asset value through energy generation and efficiency, materials innovation and flood risk reduction and we develop skills and opportunities to help local people and businesses grow.

In April 2016 British Land received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental benefits achievements over the last five years.

Further details can be found on the British Land website at www.britishland.com.

SOURCE: British Land

PREIT announces the grand opening of Primark at its Willow Grove Park Mall in Philadelphia

PHILADELPHIA, 2016-Jul-20 — /EPR Retail News/ — PREIT (NYSE: PEI) today announced the grand opening of Primark, a leading European fashion retailer, at its Willow Grove Park Mall in the Philadelphia suburb of Willow Grove, PA. This is the second Primark location in the Philadelphia region and the fifth in the Northeastern United States.

Primark is one of the largest clothing retailers in Europe, offering up-to-the-minute styles at value-for-money prices. This new location will occupy 58,300 square feet space previously occupied by Sears  on the second and third floors of the southwest side of the mall. Focused on fashion, value and customer service, the retailer’s newest store will feature 59 fitting rooms and 47 registers, recharge areas, as well as a trend room, elevating the shopper experience for PREIT’s Willow Grove Park customers with added convenience and innovative experiences.

With a range of fashion products – including womenswear, menswear, children’s apparel, home goods and beauty products – Primark Willow Grove is a leading example of PREIT’s commitment to diversifying its tenant mix and welcoming contemporary anchor stores to its portfolio.

“Retailers like Primark, delivering fashion and value that is limited to the brick-and-mortar format, are in high demand in today’s retail environment, meeting the evolving needs of consumers.  New anchors, along with a unique roster of retailers, diverse dining, entertainment and experiential offerings are the keys to success in today’s mall setting,” said Joseph F. Coradino, CEO of PREIT. “By capitalizing on our concentration in sought-after markets, like Philadelphia, our properties attract new and exciting merchants, of which Primark’s second Philadelphia location is a prime example.”

As consumer shopping behaviors continue to fuel the evolution of the mall, PREIT is differentiating the shopper experience by bringing new, diversified tenants to its properties. Over the past several years, the company has focused on strategic anchor redevelopment, enhancing its portfolio quality with the addition of niche retailers and “retailtainment” offerings.  Earlier this year, PREIT executed a lease to bring DICK’s Sporting Goods and Field & Stream to its Viewmont Mall in Scranton, PA, as well as Round 1 Entertainment – offering billiards, ping pong and bowling – at its Exton Square Mall. Additionally, the company announced the development of a LEGOLAND Discovery Center at the Plymouth Meeting Mall, marking one of nine locations in the country and the only one in the state.

A grand opening for Willow Grove Park Mall’s Primark store will be held this morning. Primark currently has 312 stores in 11 countries.

About PREIT
PREIT (NYSE:PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pa., the company owns and operates over 25 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region’s top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available at www.preit.com, on Twitter or LinkedIn.

Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans, strategies, anticipated events, trends and other matters that are not historical facts. These forward-looking statements reflect PREIT’s current views about future events, achievements or results and are subject to risks, uncertainties and changes in circumstances that might cause future events, achievements or results to differ materially from those expressed or implied by the forward-looking statements.  Important factors that might cause future events, achievements or results to differ materially from those expressed or implied by PREIT’s forward-looking statements include those discussed in its Annual Report on Form 10-K for the year ended December 31, 2015 in the section entitled “Item 1A. Risk Factors.”  PREIT does not intend to update or revise any forward-looking statements to reflect new information, future events or otherwise.

CONTACT:
Heather Crowell
SVP, Corporate Communications and Investor Relations
(215) 454-1241
heather.crowell@preit.com

SOURCE: PREIT