27 February 2023
Arora Group completes the acquisition of the Peacocks Centre Shopping Centre
The Arora Group today proudly announces that it has completed the purchase of its second shopping centre out of administration from Grant Thornton. Moyallen originally acquired the asset back in 2008 for £116m however the companies which own and operate Peacocks Centre went into administration in April 2022. The centre is set on 8.8 acres of prime located land in the town centre and is 542,528 sq ft in size with 80 units.
Originally known as a specialist airport hotel owner operator, the Arora Group established their first city centre hotel in 2017 with the opening of the InterContinental London – The O2 and most recently has diversified further into the country house hotel market with the opening of Fairmont Windsor Park and the recent acquisition of Luton Hoo Hotel, Golf & Spa in December 2021. It acquired its first shopping centre in August 2022, The County Mall in Crawley from ABRDN.
Sanjay Arora, Chief Operating Officer & Head of Property for the Arora Group commented: “Our acquisition of the Peacocks Centre is continuing the vision I have for creating a strong diversified portfolio in numerous real estate asset classes. We continue our expansion drive into the retail sector and look forward to working very closely with Woking Borough Council to make this centre a true success again, neighboured by their incredible Victoria Place development”.
Cllr Ann-Marie Barker, Leader of Woking Borough Council, said: “For more than a decade, Woking Borough Council has invested significantly in transforming Woking town centre into a welcoming, prosperous and vibrant shopping destination. The Peacocks is integral to our vision of a modern Woking town centre. As the freeholder of the site, and a major stakeholder in the town centre, I welcome the investment Arora has made in Woking and the certainty it brings to retailers, their employees and visitors to the town. We look forward to a dynamic and productive partnership with Arora over many years to come”
Stephen Cave, Joint Administrator and Head of Restructuring at Grant Thornton NI said “I am pleased to complete the sale of Peacocks Centre to the Arora Group. Everyone involved has worked hard since last April to ensure business as usual trading for the centre whilst options were considered and a sales process implemented. We have liaised closely with Woking Borough Council throughout and are appreciative of their support. I wish Arora every success for the future and look forward to seeing Peacocks Centre revitalised under new ownership.”
Toby Ogilvie Smals, Retail Investment Director at Savills London commented: “Savills is delighted to have advised the administrators on this complex transaction in the timeline requested. We wish the purchaser the best with this value add acquisition. It was encouraging to see significant interest in the asset, despite the current headwinds facing the UK investment market.”
