Benson Elliot Capital Management has exchanged contracts for the acqisition of the Arcadia site in Ealing Broadway.
The UK-based private equity real estate investor has exchanged with Grant Thornton acting as Joint Administrators of Glenkerrin (UK) Limited and Joint LPA receiver over the assets of The Broadway Partnership. The Arcadia site is the major part of a 2.8-acre block in Ealing town centre. The site comprises the Arcadia shopping centre and a number of adjacent high street retail units. On completion of the transaction, Benson Elliot plans to undertake a phased redevelopment.
Phil Irons, Partner at Benson Elliot, said: “This is a great opportunity to revitalize a key part of Ealing’s town center and we look forward to working with Ealing Council and the local community to realize its potential.”
Malcolm Shierson of Grant Thornton, added: “This is a strategically important site for Ealing and we are pleased to have found a purchaser whose aspirations for the asset are aligned with its potential.”