JLL worked on the deal. Credit: Catella APAM

GMPF offloads Leeds retail asset

1 November 2024 11:05 Neil Tague Comments (0)

Acting for Greater Manchester Pension Fund, asset manager Catella APAM has sold 133-137 Briggate to Augur Group for £4.7m.

JLL was agent on the sale.

The 10,800 sq ft retail space includes the basement, ground, and part of the first floor, and was previously single-let to global sports shoe trader Foot Locker.

Catella APAM, through its development management subsidiary Bankfoot APAM, had completed refurbishment works to an adjacent unit in 2023 into which Foot Locker was relocated.

The move followed the sale of the long leasehold interest in the upper floor in November 2023, “collectively optimising the asset’s total sales receipts” as the firm said.

Nicky Newman, senior asset manager at Catella APAM, said: “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, 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.”