Koreans Buy Midlands Mall For £175M As Far Eastern Money Makes For The Midlands
South Korea-based Hana Financial Investments has debuted in the U.K. retail sector, buying the 213K SF Gallagher Shopping Park at Wednesbury for £175M in a deal with owners KKR and Quadrant Estates.
The Korean buy comes soon after Japanese investors surged into the Midlands retail scene with potential deals including Hammerson's sale of 50% of Highcross to a Japanese investor, advised by M&G Real Estate.
The sale of the 23-unit Gallagher park close to junction 9 of the M6 motorway represents the largest single U.K. retail warehouse sale so far this year, Property Week reported.
Hana acquired the park, anchored by M&S Simply Food, Next and TK Maxx, through a fund managed by Korea Asset Investment Management.
Gallagher Shopping Park was acquired by Quadrant Estates in three phases with joint venture partners KKR between February and December 2014 for around £123M.
