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Scottish Widows sells Cardiff Shopping Centre for $145 million

LONDON-Prime Commercial Properties has acquired the 160,000-sf Capitol Shopping Centre in Cardiff, South Wales, from Scottish Widows Investment Partnership for pounds 82.55 million ($145 million), reflecting a net initial yield of 6.26%.

By Graham Parker | Updated on December 03, 2003

LONDON-Scottish Widows Investment Partnership has sold the 160,000-sf Capitol shopping centre in Cardiff, South Wales, to Prime Commercial Properties for £82.55 million. The purchase price reflects an initial yield of 6.26%.

Scottish Widows bought the centre three years ago as part of the Guardian portfolio. At the time a number of units were vacant but the mall is now fully let. Recent lettings to Coast, Jigsaw, Hobbs and Austin Reed have achieved rents of £160 ($275) zone A, up more than 20% over three years. Other tenants include Virgin, H&M, Karen Millen, Oasis and Jaeger.

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