Bridges Fund Management has bought the Antonine Shopping Centre near Glasgow for £15m – a 11% yield.
The firm bought the 205,000 sq ft centre in Cumbernauld as part of a joint venture with Scoop Asset Management.
The Antonine Centre, developed in 2007, has 42 shops let to retailers including Boots, River Island, Next, TK Maxx, Costa, JD Sports and Peacocks.
Savills is the managing agent. Colliers International and Gunn Property Consultants are letting agents.
Bridges, which is investing via its Bridges Property Alternatives Fund IV, has invested in two other shopping centres: the Parkway Shopping Centre in North Yorkshire, and the Pentagon Shopping Centre in Chatham, Kent.
Tom Tyler, investment director at Bridges, said: “The Antonine Centre is a modern, high-quality centre with a broad multiple retail offer, convenient access and free parking. It is located in a European Assisted Area, and we believe that we can create a more valuable asset that also has clear benefits to the local community.”
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