Paisley Piazza Purchased

Monday 14th November 2011

NewRiver Retail has plans for Paisley’s Piazza

Shopping Centre Group invests over £20 million in Paisley’s Thriving Shopping Mall

Popular Paisley Mall the Piazza Shopping Centre has been acquired by NewRiver Retail as part of a deal valued at £68 million.

The purchase marks the largest acquisition to date for NewRiver Retail, a London based UK Real Estate Investment Trust who own a substantial portfolio of retail properties throughout the UK, and is the company’s first investment of this type in Scotland. The transaction saw NewRiver Retail purchase four centres from previous owners Zurich Assurance, and will give the Group a total of 14 shopping centres across the UK.

The Piazza, which was valued between £20 - £25 million in the transaction, is currently enjoying a relatively healthy footfall in a difficult retail economy based on an attractive mix of Food and Value offerings. NewRiver Retail’s investment in the Mall, and in Paisley itself, builds on a track record of successful similar investments in small to medium sized shopping centres in areas where there is scope to improve the range of retail offerings, attract more shoppers and add value to the portfolio with consequential benefits for the wider area.  

As a further boost for the local economy, the purchase has also led to the creation of a number of new jobs within the Mall with staffing levels having already increased by 50% under the new owners. The Piazza also proudly sponsors local rugby team Paisley Rugby Club and many other charities as part of their commitment to the local community.

NewRiver Retail owns a substantial portfolio of retail properties in England and Wales: 38% in the South East with other areas including Yorkshire and Humberside, The North East, Wales and The Midlands each accounting for around 15% of the trust’s investments.

www.nrr.co.uk

Also purchased from Zurich Assurance as part of the £68 million deal were Merlin’s Walk, Carmarthen, The Hildreds Shopping Centre, Skegness and The Horsefair, Wisbech: the Piazza is the first investment of its type in Scotland, giving the Group a total of 14 shopping centres across the UK.

NewRiver Retail’s tenants include all of the major food retailers in the UK, and almost all of the leading names on the British High Street. A key tenant group is Value Retailers, representing 45% of NewRiver Retail’s tenant profiles.

Piazza Shopping Centre
More information can be found on the Piazza Shopping Centre at www.piazzapaisley.co.uk

Back to main news page