CIT acquires Princes Quay Shopping Centre for £71m April 16th 2010

CIT Group Plc has completed the acquisition of the Princes Quay Shopping Centre, Hull for £71m.

The 241,000 sq ft (22,000 Sq m) centre, which is located in a prime location in the centre of Hull has been acquired from Henderson Global Investors and Invista Real Estate, and is the third investment by CIT through its strategic partnership with Jadwa Investment, the investment bank based in Riyadh, Saudi Arabia. The CIT Jadwa UK Special Opportunities Fund anticipates investing circa £500m in the UK real estate market, and is one of a number of European initiatives CIT is working on with its various investor partners.

Princes Quay opened to the public in 1991 and has over 80 retail outlets, which includes retailers Dorothy Perkins, Superdrug, Monsoon, TopShop, The Disney Store and Primark. The top floor of the centre houses a 10-screen Vue cinema. The investment includes the Quay West Retail Park and adjoining development land.

John Barroll Brown, Chairman and CEO of CIT, commenting on the purchase said: "Princes Quay is the latest in a series of recent acquisitions for CIT, and the third in partnership with Jadwa. The purchase draws on the strengths of our market leading shopping centre management team and strong asset management will be the key priority going forward. "This prime retail property fits directly within our business model of securing niche opportunities where significant added value can be delivered."

Fadi Tabbara, Head of Asset Management and Chief Investment Officer of Jadwa Investment, added "We are delighted with the early success of our joint venture with CIT, and we strongly believe that the UK commercial real estate market continues to offer exciting opportunities for investment."

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