Lancashire County Pension Fund has bought Dolphin Square, Weston-super-Mare, Somerset from Life McLaren for £18.5m – a net initial yield of 6.1%.
The fund has agreed to both buy and forward-fund the development of the 73,600 sq ft town centre leisure scheme, which is due to be completed in 2017.
Cineworld, Pizza Express, Nando’s and Costa are all occupiers at the scheme, which has an annual income of £1.1m.
Knight Frank advised LCPF; Montagu Evans represented Life McLaren.
