Metrocentre operator acquired
CBRE has purchased asset management business Sovereign Centros, which runs around 14m sq ft of UK retail including the Gateshead shopping complex.
Sovereign Centros works across shopping centres and retail parks, along with other leisure and mixed-use properties, and works with a range of global capital, banking and financial institutions and pension funds.
Along with the Metrocentre, key projects include Festival Place in Basingstoke, Merry Hill Shopping Centre in Dudley, the Telford Centre in Telford and the St Enoch Shopping Centre in Glasgow.
The firm’s team of 30 professionals will join global consultancy giant CBRE’s existing asset management and development management teams, which will be led by Chris Geaves, chief executive of Sovereign Centros.
Ciaran Bird, divisional president, CBRE advisory services and chief executive for UK & Ireland, said: “The acquisition of Sovereign Centros is an important part of our strategy to grow our capabilities at pace and secure the strongest talent within asset and development management.
“This acquisition will ensure we are able to offer an even better service to more clients and allow us to capitalise on the growth opportunities offered by the sector.”
Geaves added: “We are excited to join forces with CBRE and know that our combined experience and extensive network will be extremely powerful. Investors are increasingly looking to outsource due to the challenging environment, so it presents the team with a huge opportunity.”
Sovereign Centros took over the running of the Metrocentre for the Metrocentre Partnership when previous owner intu went into administration in 2020.