07 June 2018

The Crown Estate acquires sole ownership of Gallagher Shopping Park

The Crown Estate has acquired Gallagher Shopping Park in Cheltenham in full, becoming the sole owner of the scheme.

Previously, The Crown Estate owned 50% of the scheme through its interest in the Gibraltar English Limited Partnership, with the remainder held by the Hercules Unit Trust, advised by British Land.

This latest acquisition follows the expiry of the Gibraltar partnership, which also held Fort Kinnaird retail centre in Edinburgh. As part of the transaction, The Crown Estate’s 50% stake in Fort Kinnaird has now been acquired by M&G Real Estate, who will enter into a JV with HUT.

Gallagher is one of the leading shopping destinations in the region, welcoming more than 7 million visitors each year. The park’s strong retail line-up includes Next, Homesense, Oak Furnitureland, DFS and Boots, alongside a food and beverage offer including Costa, Greggs and Subway.

Over recent years, The Crown Estate and its partners have invested £2.5m at the scheme, modernising store frontages, improve landscaping and reconfiguring the car park, helping to improve the experience for shoppers.  

Hannah Milne, Director of Regional at The Crown Estate, added: “We have enjoyed a successful partnership on Fort Kinnaird, working alongside HUT and the British Land team. We are now focused on Gallagher Shopping Park; a strong scheme in a great location where we have invested alongside our partners over a number of years to help improve the experience for shoppers. We are delighted to have acquired the scheme in full and look forward to continuing to build on its success.”  

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