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InfraRed Capital Partners has confirmed that it has exchanged contracts to buy the St John's Centre in Liverpool from Land Securities for £76.5m.

The mall comprises 413,000 sq ft of retail space and a 149-room hotel in the centre of Liverpool.

The centre has more than 100 retail units with tenants including Argos, New Look, Wilkinson, Poundland and JJB Sports.

In 2011 Infrared acquired The Galleries in Bristol from Capital & Regional for £50m.

Chris Huxtable, director at InfraRed Capital Partners, said: "We see many UK retailers consolidating their footprint into centres that combine high footfall with affordable rents and adequate store sizes. The St John's centre has the capacity to offer all these features, and we intend to capitalise on this with substantial new investment."

Working with InfraRed on the project will be the Hark Group as asset managers and Munroe K AssetManagement as property managers.

Richard Akers, managing director retail portfolio, said: "We have recently completed a number of asset management initiatives at St Johns which have successfully positioned it as a value offer based centre in the heart of Liverpool. The sale will allow us to recycle the capital into other opportunities."

DTZ advised InfraRed Capital Partners on the acquisition. Jones Lang LaSalle acted for Land

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