The Ardent Companies (Ardent), the US-based real estate investment and asset management firm, has completed the acquisition of Touchwood shopping center in the UK from Lendlease Retail Partnership (LLRP), appointing Sovereign Centros as asset manager and Cushman & Wakefield and Knight Frank as joint leasing agents.

With the decisive appointment of a new team, Ardent commences plans to enhance the established offering at Touchwood, encompassing 650,000 square feet of high-quality retail, restaurant, and leisure space through a new asset management initiative.

The appointment of a new asset management team provides fresh impetus to work proactively with existing tenants, which include Zara, Next, Apple and John Lewis, to continue to improve the shopping environment. Sovereign Centros will also work alongside Cushman & Wakefield and Knight Frank to drive a raft of new initiatives focused on attracting the latest retail and leisure concepts to the center, with Ardent already inheriting significant demand for space from potential new occupiers.

Ardent and Sovereign Centros will work closely with Solihull Council to implement a series of improvements to Touchwood’s signage, entrances, and the main arcades to maximize the opportunities for Solihull as a key visitor location and capitalize on regional investment initiatives, including the 2022 Birmingham Commonwealth Games, with nearly 50% of all events being hosted within Solihull Borough.

Touchwood is backed by Ardent’s Strategic Fund I and is the investor’s second acquisition since launching its UK arm in January, following quickly on its acquisition of 1.4 million square feet of industrial space from M7 Real Estate in March 2021. In alignment with Ardent’s strategy in the US, the investor is actively seeking opportunities to acquire and reposition high-performing assets across other UK property sectors, and to work with best-in-class asset managers to grow the value of its investments.

Matt Shulman, CEO at Ardent, commented: “Touchwood is an exceptional shopping center and completing the acquisition marks a new milestone for our UK investment platform, which we are excited to grow further in alignment with our strategies and objectives in the US.”

Andrew Hilston, Managing Director at Ardent UK, commented: “Touchwood’s exceptional location and strong tenant line-up were important factors in our decision to invest - underpinned by its emergence as the only John Lewis anchored center in the region. Solihull is poised for growth as a key commercial location within the West Midlands, and we have already received numerous competitive approaches for space at the center from potential occupiers across retail, leisure, and hospitality.”

Chris Geaves, Chief Executive of Sovereign Centros commented: “We are delighted to be appointed at Touchwood and see a real opportunity to strengthen the center’s position at the heart of a thriving regional market. We look forward to applying our extensive asset management expertise and to working closely with the leasing agents, center teams (Workman& Partners), and the local council to progress a range of new initiatives that bring Touchwood in line with the wider growth ambitions of Solihull.”

David Legat, Retail Partner at Knight Frank commented: “Having advised Ardent on the acquisition, we were delighted to be appointed on the retail and leisure leasing agency. We are looking forward to bringing new and exciting retailers to enhance the tenant mix at Touchwood as the center enters an exciting new era.”

James Merrett, Retail & Leisure Partner at Cushman & Wakefield, commented: “We have identified major potential to refresh Touchwood’s offering with new retail, F&B, and leisure operators and using our extensive UK mall experience we are energized to help the new owners create a remarkable shopping, dining, and leisure destination at Touchwood.”