A joint venture between Scoop Asset Management and Harbert is under offer to buy the biggest shopping centre in the Scottish Highlands for close to £120m – a 6.5% yield.
CBRE was instructed to sell the Eastgate Centre in Inverness on behalf of F&C REIT earlier this year.
The 410,000 sq ft mall has consent for a 50,000 sq ft leisure extension, including a 30,000 sq ft, eight-screen cinema and five restaurants totalling 20,000 sq ft. It would expand the centre on the south side facing Falcon Square.
Eastgate is anchored by Marks & Spencer and Debenhams, with New Look, Next and Waterstones among the centre’s other tenants.
F&C REIT bought the property as part of its £250m acquisition of the Grosvenor Shopping Centre Fund in
2013.
Other centres in the fund included Freshney Place in Grimsby, Lincolnshire, and Coopers Square in Burton-on-Trent, Staffordshire, which recently sold to Mauritius-based New Frontier Properties as part of a £179m deal.
Scoop Asset Management is a privately owned shopping centre investment and retail-led development firm that focuses on UK assets.
Cushman & Wakefield advised Scoop and Harbert.
