Praxis buys in Sittingbourne

Praxis pays £7m for 80,000-sq ft Forum shopping centre.

Praxis, which specialises in value-adding strategies in the UK regions, has bought The Forum Shopping Centre in Sittingbourne from Tesco.

Tenants include Bon Marche, F Hinds, New Look, Savers, Poundstretcher, Peacocks, 02, Specsavers, Timpson, The Works and Warren James.

Praxis managing director Gary Roberts said: “We are alert to the troubles that retailers are facing, not least that occupational costs need to come down for them to be viable operations. Rents are falling, and so are valuations, so the challenge for us is to anticipate how large and fast the decline will be and buy in at a re-based level such that further capital investment, aimed at enhancing the consumer experience, makes economic sense.”

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