Sovereign Centros has been recruited as asset manager on Festival Place Shopping Centre in Basingstoke, as a rethink begins at one of the UK's largest malls.
The appointment follows a recent beauty parade of potential asset managers as a proposed sale process has been placed on the backburner.
CoStar News revealed that owners AEW Europe and Teacher Retirement System of Texas had been mulling a sale of the 1 million-square-foot Festival Place Shopping Centre in Basingstoke for up to £140 million last year, with CBRE advising.
A string of proposed larger shopping centre sales have stalled in recent months as investors have focused on smaller lot sizes. Ongoing sales of larger malls that have not progressed include Hammerson's Union Square in Aberdeen and Highcross in Leicester, and Abrdn's Churchill Square in Brighton.
It is thought that Sovereign Centros will now work with the owners and lenders, including US bank Wells Fargo, on improving vacancy levels and the strength of the tenancy mix, with a key focus the large vacant former Debenhams anchor.
AEW Europe and TRS Texas bought Festival Place from the-then TH Real Estate for around £285 million, a 6.3% yield, in 2015.
The shopping centre was redeveloped by Grosvenor in 2002 and has approximately 175 shops and a 2,770-space, multistorey car park. It is the dominant retail property in Hampshire and is anchored by Marks & Spencer and a 10-screen Vue cinema. Other retailers include Apple, Zara, H&M, Next, River Island and Superdry.
Sovereign Centros is one of the UK's leading asset managers with 12.5 million square feet under management and 4 million square feet in the development pipeline.
Sovereign Centros did not comment.