The 542,000-sf centre is anchored by Boots; Bhs; T J Hughes; Wilkinsons and Next. It was developed in the 1970s but substantially refurbished by the current owners over the past decade. Prudential Director of Shopping Centre Investment, David Alker, said there was strong interest in the investment and commented that "The price the owners received for this asset represented an excellent return".
The purchase allows REIT to reinvest the proceeds of two sales over the past year, which saw schemes in Ipswich, Suffolk and Accrington, Manchester, sold for a combined £56 million ($88 million). CB Richard Ellis acted on behalf of Prudential and Shell and REIT was advised by Franc Warwick.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
