Catalyst Capital has announced that a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has acquired the Queensmere and Observatory shopping centres in Slough town centre.
The two adjacent freehold shopping centres were acquired from Criterion Capital, and provide approximately 660,000 sq ft of retail space and more than 1,300 car park spaces attracting in excess of 10m visitors a year. In addition to the two shopping centres, the acquisition includes Wellington House, a 57,400 sq ft office building.
Councillor Sohail Munawar, leader of the council, said: “We are delighted that Queensmere Observatory has been acquired by ADIA and we are looking forward to working with an organisation that shares our vision and our commitment to transforming the town centre.
“This major investment shows the confidence investors have in Slough and its future and is great news for our town.”
Councillor Zaffar Ajaib, commissioner for housing and urban renewal, said: “This announcement and redevelopment of the centres that will follow will complement our current and future investment in the town centre and will contribute to creating a modern, attractive space.
“We have been working behind the scenes for some time to assist ADIA and it’s great to finally be able to share this good news with residents.
“We want to see a town centre with a mix of retail, leisure and high quality residential living that makes Slough a place where people want to live, work, shop and do business and we welcome ADIA to Slough.”
Catalyst Capital will act as asset manager for the property.