M&G Real Estate increases stake in Bristol shopping centre

M&G Real Estate has completed its acquisition of joint venture partner’s interest in Cribbs Mall in Bristol - one of the most successful shopping hubs in the UK.

It means the mall, now home to more than 150 shops and restaurants and employing over 6,000 people from within a 20-mile radius, is back under the ownership of its original cornerstone investors M&G Real Estate and Baylis Estates Ltd who funded its construction in 1998.

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Cribbs Mall is owned by M&G Real Estate with Baylis Estates remaining in place as landowners with freehold ownership.

Scott Linard, portfolio director at M&G Real Estate, said: "As long term investors in Cribbs Mall we are delighted to increase our stake in the shopping centre.

"The centre is close to being fully let and with footfall and sales continuing to rise it is one of the most successful shopping centres in the UK and we hope to continue this fantastic momentum the team have been building.

"With the increased investment taking place across this area of Bristol, including the opening of the new Wild Place Bristol Zoo and the redevelopment of Filton Airport, it is an exciting time for Cribbs Causeway, and we are looking forward to working with other key stakeholders to ensure we continue to attract visitors from across Bristol, the South West, Wales and West Midlands.

Linard added: "This wide catchment area has allowed us to attract established retail, leisure and F&B occupiers to Cribbs over the years allowing us to have a diverse offering which keeps customers coming back."

Following the acquisition, M&G Real Estate has appointed retail asset managers CBRE Sovereign Centros as its operating partner

"We will be working with CBRE Sovereign Centros to ensure that Cribbs Mall continues to provide the optimum environment for our retailers to grow and thrive," said Linard.

With anchor tenants including John Lewis, M&S, Next, H Beauty, and Boots, Cribbs Mall is nearly 100% let with 36 leasing transactions taking place in 2023.

In 2024, Cribbs Mall has already welcomed popular brands Sweaty Betty and Castore meanwhile Lego has announced it will be opening a space at the centre.

Alongside these new arrivals, long-term occupiers H&M and River Island have also committed their futures to the centre after agreeing new 10-year leases with both undertaking new store refits.