Private equity investor Benson Elliot has acquired the Vicarage Field Shopping Centre on the former home of Barking FC in Barking, east London, for £35m in an off-market deal.
Northern Irish joint venture Lagmar sold the scheme, with the price reflecting a net initial yield of 8.5%.
The 5.2-acre site is held on a long leasehold from the London Borough of Barking & Dagenham.
Built in 1991 on the former home of Barking FC, it covers 156,000 sq ft of net lettable retail space and 500 parking spaces.
Argos, Subway, Vodafone, Claire’s Accessories, Poundland and Holland & Barrett are all tenants.
Benson Elliot will look to reposition the retail offer at Vicarage Field, which will add to its 1.3m sq ft retail portfolio.
It also has a previous planning consent for a 165,000 sq ft residential scheme.
Managing partner Marc Mogull said: “During the past five years Benson Elliot has established itself as a committed and reliable partner for dynamic local councils across the UK, as they seek to encourage private sector-led regeneration efforts for the benefit of the communities they serve.
“We are strong believers in the growth and investment potential of east London and LBBD in particular, and recognise the great opportunity this acquisition offers to revitalise a key part of Barking town centre.”
