Real estate billionaires the Reuben Brothers swooped for a historic Newcastle city centre shopping arcade in a multimillion-pound deal.

The entrepreneurs beat competing bids from local and national companies to acquire Central Exchange, a Grade II-listed triangular retail and arcade property with 22 shops that has dominated the city centre since the 1830s. The deal comes less than two years after Reuben Brothers bought luxury retail building Monument Mall in 2021, using their property investment vehicle Motcomb Estates to buy the property. The same investment company swooped for the neighbouring Central Exchange, paying ‘significantly’ more than the £11.75m asking price. The building was marketed by Clifton Agency, the same property experts who sold Monument Mall to the Reuben Brothers in May 2021, who acted on behalf of vendors Royal London Asset Management (RLAM).

While marketing the property Clifton Agency said its represented the chance for investors to acquire a historic trophy asset in the heart of Newcastle, at a time when new developments are expected to increase footfall in the area. The landmark deal means Reuben Brothers now owns a large share of Newcastle city centre land and property, with Monument Mall and Central Exchange’s ownership sitting directly next to its £100m-plus developments taking shape in Pilgrim Street.While marketing the property Clifton Agency said its represented the chance for investors to acquire a historic trophy asset in the heart of Newcastle, at a time when new developments are expected to increase footfall in the area. The landmark deal means Reuben Brothers now owns a large share of Newcastle city centre land and property, with Monument Mall and Central Exchange’s ownership sitting directly next to its £100m-plus developments taking shape in Pilgrim Street.