Tamworth Borough Council has taken control of Ankerside Shopping Centre in a move it says will secure its long-term future.
The deal was agreed with REI Nederland B.V on Friday, 29 November with no money paid by the council.
The shopping centre, which hosts brands such as Pandora, Holland & Barratt and The Fragrance Shop, remains open for business.
Councillor Nova Arkney, portfolio holder for infrastructure, heritage and local economy for Tamworth Borough Council, said: “Through mutual agreement with the current owners, Tamworth Borough Council has negotiated ownership of Ankerside Shopping Centre in Tamworth town centre, taking ownership on Friday, 29 November 2024.
“We’re committed to seeing a town centre fit for the future, and this move seeks to provide stability and reassurance to Ankerside tenants and shoppers and to secure the long-term future of the shopping centre in the heart of our town centre.
“We have plans to invigorate the centre and are supported by NewRiver, a listed specialist owner and manager of retail destinations, in developing this. NewRiver is working on our behalf with all existing Ankerside tenants and contractors to deliver a smooth transition and continued operation of the centre.
“Ankerside Shopping Centre and the wider Tamworth town centre remain open for business, and we encourage everyone to continue to support the business in our wonderful town.”
A spokesperson for REI Nederland B.V added: “We are delighted to have worked with Tamworth Borough Council over the past 24 months culminating in the council adding the long leasehold interest to their existing freehold interest.
“With both interests now held by one party the council are perfectly placed as custodians of the shopping centre to take it on the next part of its asset management journey.”
