CBRE Investment Management Unveils Primark as New Anchor at The Ashley Centre
February 8, 2024
CBRE Investment Management has announced Primark, the multinational fashion retailer, is set to join the Ashley Centre, Epsom’s premier shopping destination. This coincides with the centre’s £7 million refurbishment, which is set to complete in the coming weeks.
Primark will occupy 44,000 sq ft in the former House of Fraser space, utilising two floors and sitting adjacent to the scheme’s central square near retailers such as JD. Forming the destination’s anchor tenant, the new store will feature Primark’s full offer, incorporating menswear, womenswear and childrenswear, as well as accessories, beauty, home, and lifestyle. The store is expected to create around 100 jobs for the local community and is set to open in early 2025.
Louisa Butters, Head of Retail Asset Management UK at CBRE Investment Management, commented: “Primark’s signing is a milestone moment for the Ashley Centre. The opening will mark the final stage of our two-year repositioning project that underpins our long-term strategy for the revitalisation of the Ashley Centre, ensuring that it continues to serve the needs of the community in every way possible. We are looking forward to welcoming Primark early next year, and delivering an optimised and enhanced experience and environment for our visitors.”
Philippa Nibbs, Director of Sales UK, London and the South East at Primark, also said: “As we continue to invest in the UK high street, we are delighted to announce our new store in Epsom that will open next year. We look forward to becoming a part of this community and playing a central role in the refurbished Ashley Centre.”
Primark in Epsom will join Newbury, Berkshire, as the next locations confirmed for Primark in 2025. This follows the recent news that Primark will be investing more than £100m in its UK stores this year, as it celebrates 50 years of Primark on the Great British High Street. Local shoppers in Epsom and the surrounding areas looking to get their Primark fix in the meantime will be able to visit the nearby Sutton, Kingston or Woking stores.
In 2023, the Ashley Centre welcomed a raft of new openings such as JD, Deichmann, and GAIL’s Bakery, forming a key part of the centre’s leasing strategy to evolve its retail and F&B offer. The centre’s £7 million refurbishment will also work in tandem, seeing the reconstruction of the East entrance and enhancements to the interior, creating a refreshed and modern look.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $144.2 billion in assets under management* as of September 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Primark is an international fashion retailer employing more than 75,000 colleagues across 16 countries in Europe and the US. Founded in Ireland in 1969 under the Penneys brand, Primark aims to provide affordable choices for everyone, from great quality everyday essentials to stand-out style across women’s, men’s and kids, as well as beauty, homeware and accessories. With a focus on creating great retail experiences, Primark has over 400 stores globally and continues to expand across new and existing markets with the aim of reaching 530 stores by the end of 2026, including the upcoming new market of Hungary.
Primark is working to make more sustainable fashion affordable for everyone through its Primark Cares strategy, a multi-year programme that focuses on giving clothing a longer life; protecting life on the planet and supporting the livelihoods of the people who make Primark clothes. As part of this, Primark unveiled nine commitments it is working to achieve by 2030. These commitments include making all of its clothes from recycled or more sustainably sourced materials by 2030, halving carbon emissions across its value chain and pursuing a living wage for workers in its supply chain. More information can be found here: www.primark.com/en-gb/primark-cares.
For more information, please contact the Primark Press Office: [email protected]