Blackpool centre sells for £90m
Catalyst Capital and joint venture partner Blackstone have completed purchase of the 300,000 sq ft Houndshill shopping centre in Blackpool. Modus Corovest administrator KPMG, sold the centre to the jv for £85m – a 7.4% yield. Savills is advising KPMG; Lunson Mitchenall is advising the jv.
L&G buys Chelmsford mall
Legal & General Property has confirmed its acquisition of the Meadows shopping centre in Chelmsford, Essex. The fund manager bought the 150,000 sq ft mall from Lend Lease for £56.1m, reflecting a 7.7% net initial yield. Strutt & Parker advised Lend Lease; Jackson Criss acted for LGP.
Standard Life conquers Ascent
Standard Life is understood to have paid AXA Real Estate £10m for the 91,000 sq ft Ascent Park industrial estate in Harlow, Essex, reflecting a 6.15% net initial yield. Tenants include Safestore and Screwfix. Drivers Jonas Deloitte acted for Standard Life; Jones Lang LaSalle advised AXA.
Travelodge deal put to bed
Longford Securities & Equities has exchanged contracts to forward sell a prelet Travelodge in Teddington, Richmond-upon-Thames, to Mayfair Capital’s Property Income Trust for Charities for £9.4m – a 6.34% yield. It will be redeveloped into a 113-bedroom budget hotel. Jones Lang LaSalle is acting for Mayfair Capital; Longford is advised by BNP Paribas Real Estate.
Glebe sells Chandelier
BlackRock Workspace Property Trust has bought the Chandelier Building in Willesden Junction, NW10, from Glebe Capital for £4.7m – a 7.5% yield. The joint venture between Workspace Group and BlackRock UK Property Fund will subdivide the 47,000 sq ft building into multi-let units. Michael Elliott acted for Glebe Capital; BlackRock Workspace was unrepresented.
