Swansgate owner is bought by US firm

The Swansgate in Wellingborough
The Swansgate in Wellingborough

US investment company Kennedy Wilson has reportedly bought the Britannica Fund, a portfolio of eight shopping centres including the Swansgate Centre in Wellingborough, for £250m.

It is understood the investor became the preferred bidder in May after previous frontrunner Praxis Real Estate ended negotiations.

The portfolio, which was managed by CBRE Global Investors, was placed into administration in September after struggling under the weight of £365m of debt.

CBRE Global Investors inherited the Britannica Fund as part of its acquisition of ING REIM’s European funds at the end of October 2011.

The shopping centres in the portfolio are: the Gates in Durham; County Square in Ashford; Strand in Bootle; Rivergate Centre in Irvine; Haymarket in Leicester; Swansgate in Wellingborough; and the Spindles and Town Square centres in Oldham.