Property giant M&G Real Estate has augmented its stake in The Mall at Cribbs Causeway, Patchway, near Bristol by acquiring its joint venture partner’s interest for an undisclosed sum. This strategic move reinstates the shopping centre under the ownership of its initial investors.
The transaction brings The Mall back under the ownership of its original investors—M&G Real Estate and Baylis Estates—who initially funded the centre’s construction in 1998. M&G Real Estate has designated CBRE Sovereign Centros as its operating partner to manage retail assets across The Mall and its adjacent retail and leisure assets. This encompasses Cribbs Venue leisure park, Cribbs Retail Park (including specific units within Centaurus Retail Park), an adjoining distribution warehouse, and nearby development sites.
The Mall, renowned for hosting high-profile retailers such as John Lewis, Marks & Spencer (M&S), and Next, has achieved near-total occupancy with 36 leasing transactions occurring in 2023. Recent additions to the centre include Victoria’s Secret, Mango, Charles Tyrwhitt, and Greggs, alongside expansions by Wagamama and Phase Eight.
M&G Real Estate reported an 8% increase in footfall at The Mall in 2023. This year, new retailers such as Sweaty Betty and Castore have joined the shopping centre, and Lego has announced plans to open a space. Furthermore, long-term tenants H&M and River Island have committed to new 10-year leases and are in the process of refurbishing their stores.
Scott Linard, Portfolio Director at M&G Real Estate, stated: “[The Mall] is one of the most successful shopping centres in the UK, and we hope to continue this fantastic momentum the team have been building.” He added, “With the increased investment taking place across this area of Bristol, including the opening of the new Wild Place Bristol Zoo and the redevelopment of Filton Airport, it is an exciting time for Cribbs Causeway, and we are looking forward to working with other key stakeholders to ensure we continue to attract visitors from across Bristol, the South West, Wales, and the West Midlands.”
Time Retail Partners and Cushman & Wakefield are tasked with the letting responsibilities for The Mall.
M&G Real Estate’s increased stake and strategic management appointments are poised to further solidify The Mall at Cribbs Causeway’s status as one of the United Kingdom’s premier retail destinations.