The ground breaking new agreement will see underutilised elements of the two of the Company’s car parks and shopping centres transformed into mixed-use neighbourhood hubs that provide locally curated goods, service and experiences.
The new hubs will further enhance the central role Capital & Regional’s shopping centres play in serving their local communities by satisfying the needs of the on-demand economy and creating new employment opportunities. The partnership also aims to enhance the centres’ net operating income and ultimately the net asset value of the respective properties.
The transaction with Capital & Regional is the first time REEF will bring its full suite of alternate uses and car park management systems to shopping centres in the U.K. and initially covers the Company’s Luton and Wood Green assets. Discussions are also underway with regards to bringing the alternate uses to Capital & Regional’s Walthamstow and Ilford centres.
REEF intends to fully leverage the centres’ proximity and potential as neighbourhood hubs to provide a range of innovative tech-enabled goods and services to the surrounding areas which could include Neighbourhood Kitchens, Urban Farms, Last Mile Logistics and Smart Transit and Eco-Friendly Commuting.
