Nuveen puts 50% stake in Exeter mall up for sale

Nuveen has appointed Savills to sell its 50% stake in the 630,000 sq ft Princesshay estate in Exeter for around £40m. Nuveen has owned the mall for a decade, buying its share in the estate from Landsec in 2014 as part of a strategic swap. Landsec took Nuveen’s ownership in Buchanan Galleries in Glasgow. Princesshay is Exeter’s primary shopping centre and attracted more than 10m visitors last year, according to Savills particulars. Included in the 7.5-acre estate are two car parks, Princesshay Car Park and Summerland Gate Car Park, providing more than 500 landlord-controlled spaces. The car parks provide some 4.63% of the £9m total gross income from the estate. This hoisting of a for sale sign above Princesshay is the latest in a flurry of large malls coming to market this year. Yesterday, EG revealed more than 1.5m sq ft of shopping centres had been put up for sale for a collective £60m, including the 768,000 sq ft Frenchgate in Doncaster, the 400,000 sq ft Coopers Square in Burton-on-Trent and the circa 300,000 sq ft Swan Walk in Horsham.