The Eton College Common Investment Fund is in talks to buy a 300,000-square-foot mall that was developed with a capital value attached of around £120 million, for around £17 million, CoStar News understands.
Britain's most famous public school established the fund in July 2006 as the pooling scheme through which the College’s various funds – the endowed funds, restricted funds, designated funds and some pension funds – are invested.
It is understood the College fund, advised by Clearbell Capital as property fund manager, and JLL on this acquisition, is in talks to buy the 300,000-square-foot Newbury Parkway Shopping Centre from Abrdn, advised by Time Retail Partners.
Aberdeen Standard Investment’s Pooled Pension Fund as funding partner and developer Shearer Property Group were selected by West Berkshire Council to develop the retail and residential space in Newbury town centre in 2005. The £120 million development opening in 2011.
It has performed strongly recently in terms of lettings. In 2020 it signed Next for a 50,000-square-foot store at the vacated John Lewis at Home store and earlier this year completed a letting of around two-thirds of the former Debenhams anchor store or 35,000 square feet to Primark as the value fashion chain committed to four UK stores. Other recent lettings include store openings for The Fragrance Shop, Trespass, Cards Direct and Pandora.
The mall has retail units across the ground and first floors, let to national and independent operators, and 184 apartments above. Key tenants include Next, Robert Goddard, Waterstones and Sostrene Grene.
FMX, Lunson Mitchenall and Orb are leasing agents.
Eton College, which is nearby in Berkshire, was founded in 1440 by Henry VI and numbers 20 former Prime Ministers, as well as Nobel Laureates, royalty, world leaders, Oscar-winning actors, and famous murderers and traitors, among its alumni. At present it costs up to £52,749 per year to attend the boarding school and by some distance it has the largest investment portfolio among England's so-called "Clarendon" group of leading public schools.
In its last reported accounts Eton College said the value of its fund investments was £568 million on 31 August 2022. This comprised £436 million in the securities portfolio and £132 million in directly-held property with the property managed by Clearbell Capital.