Redefine International has completed its purchase of the Weston Favell Shopping Centre in Northampton for £84m.
Half the 307,763 sq ft edge-of-town centre is let to Tesco Extra with 14.3 years left on the lease.
The remaining space is divided into 55 individual units.
It produces a total rent roll of £6.4m a year.
Redefine chief executive Mike Watters said: “Delivering a net initial yield – after acquisition costs – of 7.2%, this shopping centre provides strong income whilst presenting a number of asset management opportunities.”
jack.sidders@estatesgazette.com
