Investment Firm Acquires Half Stake in Milton Keynes Shopping Centre

A fund management company has secured a 50% stake in a prominent shopping centre. Royal London Asset Management Property (RLAM) announced its acquisition of the share in Milton Keynes’ Centre:MK from AustralianSuper. The company highlighted that Centre:MK records an annual footfall exceeding 21 million people. The retail complex, which is Grade II-listed and measures 1.3 million sq ft (120,000 sq m), was opened in 1979 by then-prime minister Margaret Thatcher. At the time of its inauguration, it was recognized as the UK’s largest shopping centre. RLAM stated that its strategy partly involves “to invest in well-let and re-priced shopping centres with a strategic Net Zero Carbon pathway”. Paul Nicholson, RLAM’s senior asset manager, remarked: “As consumer confidence improves, low inflation and high earnings growth are expected to enhance spending power, subsequently boosting retailers’ sales.” He continued, “Centre:MK, as a catchment-dominant shopping centre, is poised to benefit from this recovery.” Nicholson further explained, “Underpinned by high footfall and sales, Centre:MK offers a strong, stable income stream coupled with a low vacancy rate, significantly below the UK shopping centre average, highlighting its resilience and appeal.” The remaining ownership share is held by Federated Hermes on behalf of BTPS.