More than £100m of retail investments were close to being sold this week, with appetite for the sector showing no signs of slowing.
In Glasgow, Cerberus Capital Management and asset manager Edinburgh House have gone under offer to buy the 625,000 sq ft Clyde shopping centre for £70m – a 7.5% yield.
They are buying the mall from Helical Bar and Prime Commercial Properties.
The deal marks Helical Bar’s second disposal in a fortnight, after it agreed to sell its Northamptonshire scheme Willow Place and Corby Town centre to Europa Capital and Sovereign Land for around £75m.
Elsewhere, Vixcroft, advised by CWM and Fawcett Mead, has completed the purchase of the 129,170 sq ft Sovereign Centre in Weston-super-Mare, Somerset, from Standard Life for £30m – an 8% yield.
The sales came in the same week as two schemes were put up for sale. In Bedford, the Howard Group has instructed Cushman & Wakefield to sell the 138,999 sq ft St John’s retail park for £35m – a 6% yield. And in Liverpool, CBRE is selling the 64,820 sq ft Maghull shopping centre in Central Square for Maghull Developments. Offers over £11m are being sought – a 9% yield.
UK shopping centre investment transactions in 2014 totalled £5.8bn, outstripping the £4.2bn 10-year average.
Savills is advising Helical Bar and Prime Commercial Properties; CBRE is representing Cerberus and Edinburgh House; JLL acted for Standard Life.
