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Halladale And Citigroup Buy Reading Neighbourhood Shopping Centre

LONDON-Retail investor Halladale has bought the Woodley shopping centre in Reading, Berkshire in a joint venture with Citigroup Global Investments. The neighbourhood mall is let to several national multiples and the deal reflects an initial yield of 9.5%.

By Graham Parker | Updated on November 16, 2001

LONDON-Retail investor Halladale has bought the Woodley shopping centre in Reading, Berkshire through its a joint venture with Citigroup Global Investments. The Construction and property group Taylor Woodrow agreed to sell its long leasehold interest in the property for £7.6 million ($11 million) which reflects an initial yield of 9.5%.

Wokingham District Council retains the freehold of the scheme and Halladale and Citigroup are co-investing along with private clients of Citigroup. Senior debt is being provided by Anglo Irish Bank. This is the second investment that Halladale and Citigroup have made together, following the joint acquisition of Bowen Square Shopping Centre in Daventry, Northamptonshire in 2000.

The property comprises retail, office and residential space, with the retail space fully let to 32 tenants including Waitrose, Iceland, New Look, Lunn Poly, Thomas Cook, Boots and Lloyds TSB. The current rental income is £766,125 ($1.11 million) but over two thirds of the centre’s rental income is due for review in the next three years.

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