Angel Central boosted with VUE commitment and new acquisition
CBRE Global Investors has announced that longstanding Angel Central tenant, Vue Cinemas, has extended their lease. In addition, CBRE Global Investors has grown the ownership with the acquisition of 14 Upper Street for £2.2m, this follows their acquisition of 19 Upper Street in August 2016 for £4.5m.
Vue Cinemas, which originally opened at the centre in 2002, has committed to Angel Central for an additional 25 years, until 2044.
Angel Central is currently being enhanced with an £11m investment transforming the basement from the existing carpark into new retail and leisure space, new restaurants, an improved public realm, and the Angel Wings remaining at the heart of the destination.
As part of future plans for Angel Central, CBRE Global Investors completed on the acquisition of 14 Upper Street, formerly Barclays Bank.A future initiative is to improve the centres visual presence from Upper Street with the ability to create new gateway units into the Angel Central scheme with potential for a rooftop restaurant.
Commenting on the activity, Laura Wilson-Brown, Head of Asset Management UK at CBRE Global Investors, said: “We are delighted that Vue has chosen to commit over the long-term to Angel Central, underscoring its position as a prime retail and leisure destination for residents and visitors to Islington. By acquiring 14 Upper Street we have increased our ownership in the area and our long-term commitment to Angel Central.”
Dave Windross, Head of Property UK&I at Vue Cinemas, commented on plans: “The extension of our lease displays our belief in Angel Central and Islington as a prime London location. CBRE Global Investors’ significant investment and exciting transformation plans for Angel Central demonstrate their commitment to the future of the centre and enhancing the leisure offer alongside the strong retail line up. We have been tenants at the centre for 17 years, and we look forward to many more successful years to come.”
In addition, international stationary specialist Typo, has opened a unit adjacent to L’Occitane and Calzedonia as part of its UK expansion plans. The Typo, brand which has 180 stores across 12 different countries, is part of the Cotton On Group who have over 1500 stores worldwide.
The 170,000 sq ft Angel Central benefits from an annual footfall of 10 million visitors and is ranked in the top 10 of London Retail Destinations*. In 2018 CBRE Global Investors put a £11 million investment into transforming the basement of Angel Central from the existing carpark into new retail and leisure space. The development was designed to ensure Angel Central can deliver space to meet demand from a number of new brands and uses. Additionally, helping to increase footfall to Angel town centre, also creating almost 80 new jobs and boosting local business rates by £250,000 a year.
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About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $105.5billion in assets under management* as of December 31, 2018. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.