DISCOUNT fashion retailer Primark is close to sealing a deal to a buy an entire shopping centre in Birmingham for around £60m.
The company is in advanced talks to buy the 250,000 square feet Pavilions shopping centre from UBS’s Triton Property Fund, with a deal expected to be confirmed as soon as this week.
It is understood that Primark will convert the majority of the shopping centre into one of its largest UK stores, while the rest of the building will be sublet to other retailers.
However a person familiar with the situation said it is unlikely to be bigger than its flagship in Manchester, which at 150,000 sq ft is Primark’s largest store in the UK.
Pavilions is currently home to Marks & Spencer, Laura Ashley and Waterstones, who may have to move elsewhere if the deal goes through. It is unclear whether Primark would move out of its smaller site on New Street.