Legal & General Investment Management Real Assets (LGIM Real Assets) has agreed to a joint venture (JV) with the unnamed partner to fund the extension of Eastbourne Arndale Centre, as well as further investment in the existing Arndale Centre.
Kier has already completed the first £2m phase of the scheme, which has seen a contemporary glass atrium built at the Centre's west entrance.
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The investment means work on the main 175,000 sq ft retail/leisure extension can now go-ahead and completion is scheduled for autumn 2018.
The project, which includes the demolition of buildings to the west of the Centre along Terminus Road, involves building an additional 22 new retail units, approximately 300 extra car parking spaces, seven restaurants and a nine-screen cinema.
James Whitehill, Senior Fund Manager at LGIM Real Assets, said: “This injection of international capital by a key investment partner, alongside Legal & General's existing ownership and investment, ensures the further strengthening of an already dominant retail destination."
Council Leader David Tutt added: "I am delighted with the confidence that this private investment demonstrates in the future of our town. The Council will continue to work closely with the developer to ensure the success of this important project."
(LM)
