The British real-estate investment management firm Meyer Bergman has made an offer to purchase Festival Park retail and leisure centre in Marratxi for an estimated 105 million euros.
Festival Park was opened in October 2002 after it was built by the Australian company APN Funds Manager at a cost of 200 million euros. In 2011, the retail outlet part was sold to the Royal Bank of Scotland before being passed on to Varder the following year to clear the centre’s debt, which it did, and with the pound being so strong against the euro, Festival Park, which covers an area of 32,000 square metres, is an attractive investment prospect for Meyer Bergman.
Meyer Bergman focuses on a sector-specific investment strategy, targeting undermanaged or under-utilised retail real-estate assets across major markets in Europe, typically sourced off-market through its network and actively managed. Its current acquisition efforts are focused on defensive assets in the UK, Germany, France, the Nordic region, and Poland. Typical transaction values range between 30 million euros and 300 million euros.
Amongst the retail various properties the company owns, the Meyer Bergman portfolio includes London’s Burlington Arcade, The Bentall Centre in Kingston-upon-Thames and Exchange Ilford in Essex.