South African investor Moorgarth Group is set to buy Catalyst Capital’s Waverley Mall shopping centre in Edinburgh for around £23m.
The 85,450 sq ft shopping centre is next to Edinburgh Waverley train station and was being marketed by Lunson Mitchenall for around £23.4m – a yield of 8%.
Catalyst bought the asset in 2013 from Premier Property Group as part of a 10-asset portfolio in a £43.1m deal backed by Starwood Capital.
The name was changed from Princes Mall to Waverley Mall and £4m was spent refurbishing it, with recent new retailers including Sainsbury’s, Tiger and Game.
Moorgarth Group is now the asset manager for Moorgarth Holdings (Luxembourg) Sarl, and a subsidiary of Tradehold, listed on the Johannesburg Stock Exchange.
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