Benson Elliot moves into Wolverhampton with £59 million Mander Centre acquisition

With a combined area of approximately 620,000 sq ft, the Mander Centre is the dominant in-town shopping offer in Wolverhampton, comprising a two-level covered scheme of 103 retail units, with c. 55,000 sq ft of ancilliary offices and a 530 space, multi-storey car park. The Centre serves an extensive primary retail catchment (430,000 people) and generates exceptional footfall (17 million p.a.).

In June, planning permission was granted to reconfigure the Mander Centre to deliver a 90,000 sq ft new build anchor store, together with 9 larger format units, all arranged around a new atrium and a re-constructed retail mall. The anchor store has been pre-let to Debenhams, who will join existing brands Boots, BHS, JD Sports, New Look, Starbucks, Clarks, H Samuel, The Entertainer and Costa Coffee, amongst others.

Marc Mogull, Benson Elliot Managing Partner, said:
“Over the past few years, we’ve been pursuing a strong and successful UK regional investment programme, having identified early on the growth story now unfolding in regions like the West Midlands. In-town shopping centres – many suffering from under-investment – have been an important component of that programme.

“The Mander Centre is a well-located, robust business with a solid profile and a loyal customer base. With committed ownership, strong in-house retail expertise and a focussed capital programme, we believe there is a significant opportunity to rejuvenate the Mander Centre, making it once again the centrepiece of a thriving Wolverhampton city centre.”

Councillor Peter Bilson, Wolverhampton City Council’s Cabinet Member for Economic Regeneration and Prosperity said:
“These are momentous times for our city, with a level of activity we haven’t known since the 1960s. It’s a clear sign of the progress Wolverhampton’s making that a major private equity firm like Benson Elliot should want a stake in its future. They have great plans for the Mander Centre – and on behalf of the council and all its partners, I’d like to welcome them to a city that is really making it happen”.

Peter Cornforth, Director of Retail at Benson Elliot, said:
“The City’s embarked on a £1bn plus regeneration programme to deliver significant improvements to both the built environment and the range of facilities on offer to visitors, shoppers, workers and residents. We’re confident that a revitalised Mander can make a key contribution to Wolverhampton’s exciting future.”

Jackson Criss advised Benson Elliot, while Cushman & Wakefield acted for Mander Investments Ltd.

ENDS

For further information:

FTI Consulting

Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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