Scottish Widows Investment Partnership has completed the £26m acquisition of a retail parade at 54-60 Broad Street and 109-117 Friar Street in Reading, Berkshire, from Ropemaker Properties.
The price represents a 5.5% net yield.
The shopping destination, which is anchored at its east and west ends respectively by The Oracle and Broad Street Mall shopping centres, is home to John Lewis, Bhs, Boots, H&M, Superdrug, Marks & Spencer, Next, Sainsbury’s and Schuh.
Peter Arduino, head of high street capital markets at CBRE, said: “The scheme offers clear asset management opportunities in the medium term.”
Ewan Cameron, investment manager at SWIP, added: “This acquisition represents one of the largest transactions in the high street market in 2011.”
Griffiths Eccles acted on behalf of Ropemaker Properties.
annabel.dixon@estatesgazette.com
