IM Properties has sold the Richmond Centre in Northern Ireland for £22m.
The 11,150 sq m (120,000 sq ft) shopping centre in Londonderry was bought by a private UK investor on an initial net yield of 7.66% and its sale, according to a spokesman for IM, balances out the company’s recent purchase of four investments in Newcastle under Lyme, Swindon, Milton Keynes, and Poole.
IM acquired the centre in 1995 for £15.75m and some 80% is let to national retailers and £1.775m pa.
Paul Foster, director at IM, said it was looking to invest the £22m in further acquisitions.
Earlier this year the company bought a mixed-property portfolio for £12.925m from NPI, bringing its real estate holdings up to £200m.
Lambert Smith Hampton advised IM Properties on the Richmond Centre sale.
EGi News 11/06/99
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