A private equity firm run by two former hedge fund investors and snapping up UK shopping centres has drafted developer Hub to work on plans for the redevelopment of The Liberty Shopping Centre in Romford, Essex.

The local authority, Havering Council, has drawn up a master plan for Romford’s town centre that envisages 1.2M SF of new residential space, with The Liberty at the heart of the plans.

The scheme could comprise around 1,000 homes.

Redical, which owns the centre, has brought in specialist residential developer Hub to work on the residential element, the companies said in a statement. Hub and Redical will consult with local residents and businesses as it works up proposals for the scheme.

A planning application will likely be submitted in the autumn for a scheme that will be built in phases.

Redical was founded by Mikko Syrjanen and Petteri Barman, co-founders of Aalto Invest and former co-heads of real assets at hedge fund manager Man Group.

It bought The Liberty in 2022 for £87M, the same year it bought the Victoria Gate and Victoria Quarter centres in Leeds from Hammerson for £120M. It also owns the Clayton Square Shopping Centre in Liverpool.