Former Battersea Power Station boss acquires Maidenhead shopping centre from receivership

Former Battersea Power Station boss acquires Maidenhead shopping centre from receivership

A shopping centre forced into receivership last year in one of the first retail property collapses caused by Britain’s high street malaise is close to being bought.

Areli Real Estate, co-founded by Rob Tincknell, the former chief executive of Battersea Power Station Development Company, is in talks to buy the Nicholsons shopping centre in Maidenhead for about £25 million — a 32 per discount to the last time that the site changed hands four years ago.

Nicholsons was bought by Vixcroft, a private equity-backed property specialist, and Cheyne Capital, a hedge fund, in 2015 for £37 million. It entered receivership last October after it became unable to meet its financial obligations.

The collapse of a shopping centre in the heart of the affluent Berkshire commuter town, which is part of Theresa May’s constituency, brought the retail crisis to the prime minister’s doorstep.

Shopping centre valuations have been hit by a catalogue of familiar high street names closing stores or seeking to cut rents.

Mr Tinknell set up Areli last year with Andrea Vanni, a former managing director at Deutsche Bank. The company identified the town centre site as a redevelopment opportunity, its website says. However, it would not comment further on its plans. BDO, the receiver to the centre, declined to comment.

Source: The Times(free subscription required)

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