Catella APAM, a prominent real estate asset and investment management firm, acting on behalf of Greater Manchester Pension Fund (GMPF), has announced the successful sale of 133-137 Briggate in Leeds for a total of £4.7 million.
The approximately 10,800 sq. ft. retail space was acquired by property investment and development firm Augur Group Limited. The unit, which includes the basement, ground, and part of the first floor, was previously single let to the internationally renowned footwear retailer, Foot Locker.
Catella APAM, through its Development Management joint venture Bankfoot APAM, had completed significant refurbishment works to an adjacent unit in 2023 into which Foot Locker was relocated. The strategic move followed the sale of the long leasehold interest in the upper floor in November 2023, collectively optimising the asset’s total sales receipts.
Nicky Newman, Senior Asset Manager at Catella APAM, commented: “We are pleased to have successfully completed the sale of Briggate on behalf of GMPF. This transaction underscores our ongoing commitment to enhancing asset value and aligning with GMPF’s broader investment strategy to meet pension liabilities.”
“Our proactive management and strategic asset management enhancements have maximised returns, reflecting our dedication to delivering superior outcomes for our clients throughout all stages of the real estate cycle.”
Jonathan Heptonstall, Head of UK Retail Investment at JLL, who acted as the agent on the sale, added: “It has been a privilege to advise Catella APAM and GMPF on the successful sale of this prime asset in Leeds. This achievement underscores the impact of proactive asset management and the resurgence of positive retail sentiment in the area. Briggate continues to thrive, with major retailers like Zara, Footlocker, and Frasers all establishing their flagship stores. We are proud to have supported the entire team through this significant transaction.”