The Arora Group today proudly announces that it has completed the purchase of its second shopping centre out of administration from Grant Thornton. Moyallen originally acquired the asset back in 2008 for £116m however the companies which own and operate Peacocks Centre went into administration in April 2022. The centre is set on 8.8 acres of prime located land in the town centre and is 542,528 sq ft in size with 80 units.
Originally known as a specialist airport hotel owner operator, the Arora Group established their first city centre hotel in 2017 with the opening of the InterContinental London – The O2 and most recently has diversified further into the country house hotel market with the opening of Fairmont Windsor Park and the recent acquisition of Luton Hoo Hotel, Golf & Spa in December 2021. It acquired its first shopping centre in August 2022, The County Mall in Crawley from ABRDN.
Sanjay Arora, Chief Operating Officer & Head of Property for the Arora Group commented: “Our acquisition of the Peacocks Centre is continuing the vision I have for creating a strong diversified portfolio in numerous real estate asset classes. We continue our expansion drive into the retail sector and look forward to working very closely with Woking Borough Council to make this centre a true success again, neighboured by their incredible Victoria Place development”.
Cllr Ann-Marie Barker, Leader of Woking Borough Council, said: “For more than a decade, Woking Borough Council has invested significantly in transforming Woking town centre into a welcoming, prosperous and vibrant shopping destination. The Peacocks is integral to our vision of a modern Woking town centre. As the freeholder of the site, and a major stakeholder in the town centre, I welcome the investment Arora has made in Woking and the certainty it brings to retailers, their employees and visitors to the town. We look forward to a dynamic and productive partnership with Arora over many years to come”
Stephen Cave, Joint Administrator and Head of Restructuring at Grant Thornton NI said “I am pleased to complete the sale of Peacocks Centre to the Arora Group. Everyone involved has worked hard since last April to ensure business as usual trading for the centre whilst options were considered and a sales process implemented. We have liaised closely with Woking Borough Council throughout and are appreciative of their support. I wish Arora every success for the future and look forward to seeing Peacocks Centre revitalised under new ownership.”
Toby Ogilvie Smals, Retail Investment Director at Savills London commented: “Savills is delighted to have advised the administrators on this complex transaction in the timeline requested. We wish the purchaser the best with this value add acquisition. It was encouraging to see significant interest in the asset, despite the current headwinds facing the UK investment market.”
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Notes to Editors
The Arora Group
The Arora Group is a successful UK-focused private group of companies, which leverages synergies across its specialist property, construction and hotel divisions to its strategic advantage. Since 1999, the Group has built its standing through meticulously managing projects from inception to delivery and beyond. Today, it owns and manages a diverse portfolio of flagship assets totally in excess of £2bn across the nation’s key business locations, partnering with some of the world’s most recognised brands to deliver consistently high service levels and sustainable growth.
For more information please visit www.thearoragroup.com.@Arora_Group
Arora Hotels, a division of the Arora Group, is one of the UK’s leading hotel owner-operators with expertise in airport and city centre hotel operations. Current hotels within the portfolio include Sofitel London Heathrow, Sofitel London Gatwick and Novotel London Stansted (under a franchise agreement with Accor), Renaissance London Heathrow (under a franchise agreement with Marriott), InterContinental® London ‒ The O2, Holiday Inn Heathrow Terminal 5, Crowne Plaza London Heathrow Terminal 4, Holiday Inn Express® London Heathrow Terminal 4 (under a franchise agreement with IHG), Hilton London Gatwick and Hilton Garden Inn London Heathrow Terminals 2 & 3 (under a franchise agreement with Hilton Hotel and Resorts), and Arora Gatwick - Crawley. Fairmont Windsor Park Hotel & Luton Hoo Hotel, Golf & Spa is the latest addition to the portfolio.
For more information, please visit www.thearoragroup.com @ Arora_Group
Moyallen Woking Limited and Peacocks Centre – both in Administration (together the “Companies”)
Stephen Cave and Gareth Latimer of Grant Thornton are Joint Administrators of the Companies. The affairs, business and property of the Companies are managed by the Joint Administrators, who act as agents of the Companies, without personal liability. Queries regarding the Administrations can be sent to peacockscentre@ie.gt.com.
Media Relations:
E: publicrelations@thearoragroup.com
