P&O’s 650,000 sq ft Drake Circus shopping centre development in Plymouth is back on the market after last month’s withdrawal of interest by Scottish Widows Investment Partnerships.
P&O had hoped to resurrect its deal with SWIP but has just put the centre back on the market for £200m, which represents a 6% yield.
Hammerson, Capital Shopping Centres, The Mall, Westfield and Centros Miller are all expected to show interest.
The scheme involves the demolition of the existing retail centre to create a traditional two-level centre of about
40 shops, anchored by Marks & Spencer and Allders.
Cushman & Wakefield Healey & Baker and Lunson Mitchenall are joint funding agents for the scheme.
References: EGi News 12/11/04
