Stephenson Harwood and Time Retail acted for Redical on the purchase, whilst Maples Teesdale and KLM advised the vendor on the sale. Redical has appointed RivingtonHark as an asset advisor and Reset Asset Management as an asset manager for Clayton Square.

Clayton Square is a 170,000 sq ft shopping centre in the centre of Liverpool. The asset comprises 24 units let to a range of occupiers including Boots, McDonalds, Tesco, EE and B&M. Purchase price was at or around the original £21 million asking price.

Redical acquired the asset on an unleveraged basis with the backing from its founders and institutional co-investors. Redical has announced its intention to acquire further assets in this space, with a view to build a portfolio of “fit for purpose” UK shopping centres on a buy-and-hold basis.

Mark Williams, Executive Director of Rivington Hark, commented: “We are excited to see Redical entering the UK retail sector with long-term capital and fresh ideas, and we look forward to working together with the Redical team to further revitalise and future-proof selected retail assets.”