Bristol’s Galleries shopping centre on market for discount £32m

The Galleries shopping centre has been put on the market at a discount rate of £32m, after being originally purchased for £50m, for its redevelopment potential by current owners InfraRed Capital.

According to reports by Drapers, real estate investment firm, LaSalle Investment Management is set to buy the shopping centre.

The Galleries has seen struggles since the opening of Cabot Circus in the centre of Bristol, in 2008. The Cabot Circus shopping centre offers leisure activities such as a cinema, whereas The Galleries features just stores and restaurants.

The drop in asking price is said to reflect the difficulties currently faced by retail landlords, with smaller shopping centres said to be the worst hit by store closures.