THE biggest shopping centre in Redbridge has been bought for £78 million.

The Exchange Centre in High Road, Ilford was bought by retail property company Capital & Regional yesterday (Monday, February 6), with the deal expected to officially go through by Thursday.

Capital & Regional are taking over from previous owners Meyer Bergman who rent to popular high street chains like Debenhams, Marks & Spencer, H&M and TK Maxx.

They already own The Mall in Walthamstow, as well as five other shopping centres across London and the rest of the country.

Chief executive Hugh Scott-Barrett said The Exchange will bring his company "strong income and capital growth prospects" and will continue to "dominate the retail offer in a large and growing cosmopolitan east London town".

He added: “The Exchange is a centre we know well having previously been owned within The Mall.

"We see significant opportunities for leisure and residential development supported by an ambitious local authority that is keen to facilitate investment in the area and the new Crossrail link, which is expected to open in 2019."