Pillar - Retail - Liverpool, New Mersey Retail Park

Date: 07 Apr 2000

Pillar Property PLC ('Pillar'), the leading UK property investment and development group, announces that it has committed to acquire New Mersey Retail Park, Speke, Liverpool for £100m from joint venrure partners Cardinal Lysander, its associated company Merlin Land and Baltic Properties.

Pillar is now the largest manager/owner of shopping and retail parks in the UK and plans to elevate the New Mersey Retail Park to the same premier status that typifies Pillar retail parks. This latest acquisition, its largest to date, brings Pillar's total out-of-town retail square footage under management control to over 5million sqft, with a portfolio value in excess of £1 billion.

Pillar's initial focus is to utilise its asset management experience and expertise in order to attract further quality retailers to the park, and increase the park's overall profile and attractiveness to customers.

The majority of the purchase price will he paid on completion of the second development phase at the scheme, scheduled for the end of January 2001. The balance will then he paid on completion of phase three of the scheme, scheduled for June 2001.

Phase one of the scheme will include the development of a new 102,500 sqft B&Q anchor store. The second phase will provide 11 new retail units with a total area of 165,000 sqft, ranging in size from 10,000 sqft to 30,000 sqft, and a 6,000 sqft unit with consent for a fast food unit.

The second phase of the scheme has already been pre-let to a range of high profile retail operators including Next, Boots, Sports Soccer, JD Sports, Brantano Shoes and Comet. Only 30,000 sqft of the 165,000 sqft space in phase two remains available to let and Pillar will now manage the marketing of this element of the scheme.

A third phase is also planned which will refurbish 105,000 sqft of the remaining space on the park. By mid 2001 the park will have been transformed to provide a total of 460,000 sqft of premier retail accommodation.

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