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ING Lionbrook Pounces on Rugby Shopping Mall

LONDON-The ING Lionbrook fund has made its first move into the retail sector, buying the 250,000-sf Clock Towers Shopping Centre in Rugby, Warwickshire, from the Boultbee Group for $78 million, reflecting an initial yield of 6.33%.

By Graham Parker | Updated on May 10, 2004

LONDON-ING’s Lionbrook property fund has bought the 250,000-sf Clock Towers shopping centre in Rugby, Warwickshire from the Boultbee Group. The purchase price of £43.5 million ($78 million) reflects a net initial yield of 6.33%. The scheme is anchored by Littlewoods, JJB Sports, Wilkinsons and Boots the Chemist with a 590-space multi-storey car parkSimon Latham, fund manager of ING Lionbrook, comments that “the purchase is the Fund’s first shopping centre and as such we have decided to retain both the Boultbee Group to manage the scheme and Churston Heard to provide the necessary focus and expertise to drive the asset forward.”CB Richard Ellis advised ING Lionbrook and Michael Elliott advised the Boultbee Group.

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