Redevco acquires Oxford shopping centre for £38.8m

Redevco, one of Europe’s largest privately-owned real estate investment managers, has acquired Templars Square in Oxford for £38.8m from New River. 

Templars Square, which lies 2.5 miles (4 kms) south-east of Oxford’s city centre, is a covered mall-based shopping centre with some open-air and street-facing retail units, two car parks and upper-floor offices. 

Redevco has acquired the local shopping centre with a view to transforming it into a landmark residential-led mixed urban scheme over the next decade. 

It revealed the project has a pre-existing planning consent that includes 226 residential units. 

The disposal is conditional on Oxford City Council’s freeholder approval to assign the headlease, release from a previous agreement and expiry of the six-week judicial review period in relation to the planning decision notice. The judicial review period has now expired.

Tom Hoye, transaction director at Redevco UK, said: “Templars Square offers an outstanding opportunity for Redevco to do what it does best, namely helping cities become more sustainable and liveable places. We plan to take a much-loved, but dated, retail asset and transform it into a thriving urban destination which will continue to draw in the local community.”