LaSalle Investment Management has acquired the long leasehold of the Artizan Shopping Centre in Dumbarton for £4.9m from Ireland’s National Asset Management Agency.
The deal reflects a net initial yield of 13.6%.
LaSalle bought the 120,000 sq ft shopping scheme, which is located 15 miles from Glasgow, on behalf of a pension fund client.
The scheme was previously owned by Northern Ireland-based Jermon, which bought it for £17.8m in 2006.
The centre is 33% vacant by estimated retail value and 54% vacant by net leaseable area. LaSalle plans to invest capital into the scheme at attract retailers.
Andrew Bull, director at LaSalle Investment Management, said: “We are delighted to have completed another acquisition of a UK shopping centre. This purchase demonstrates that value within the secondary market is beginning to come through and we have put together a solid business model to take the asset forward.”
Knight Frank and BNP Paribas Real Estate acted for LaSalle.
daniel.cunningham@estatesgazette.com
