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PRICOA Sells South London Shopping Centre

LONDON-PRICOA Property Investment Management, part of the Prudential Insurance Company of America, has sold suburban shopping mall in Bromley, South London, on behalf of the Hanover Property Unit Trust.

By Graham Parker | Updated on February 12, 2002

LONDON-PRICOA Property Investment Management, the European real estate asset management arm of the Prudential Insurance Company of America, has sold the leasehold interest in Hanover Place, an 88,000-sf shopping centre at 44 High Street in the south London suburb of Bromley. A client of CB Hillier Parker has agreed to pay £12.825 million ($18.2 million), reflecting a net initial yield of 8.48%.

Hanover Place, which comprises 88,000 sf of retail and office space, is held on a 999-year lease from November 1995. The property produces a total income of £1,150,501 ($1.63 million) per annum and tenants include Habitat–a subsidiary of the Swedish furniture retailer Ikea–and department store group Allders.

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