CBRE Global Investors has seen off a pack of bidders chasing the Angel Central shopping centre in Islington, N1, with a £170m bid – 20% over the asking price.
CBRE GI’s Pan European Core Fund was among a slew of UK and overseas institutions chasing the prime freehold mall, which is on the edge of London’s Zone 1.
Warburg Henderson instructed Cushman & Wakefield to find a buyer for the 150,000 sq ft shopping centre in March, quoting an asking price of £140m – a 4.9% yield. But the dearth of available prime freehold assets in central London helped push the yield down by around 90 basis points.
A source close to the deal said the intense competition for Angel Central replicated that seen for the Brunswick Centre, WC1, which was bought by Lazari for £135m – a 3.6% yield – in October off a £120m asking price.
Rob Wingrave, managing director at niche property consultancy Time Retail Partners, said: “In London, the occupational market is strong, which gives strong yields and potential growth. London is the economic powerhouse of the UK. There is much more chance of growth here than anywhere else.”
Warburg Henderson – a joint venture between TIAA Henderson and MM Warburg – bought the mall in 2010 for £112m from Land Securities’ and Delancey’s Metro Shopping Fund.
Angel Central – which was formerly known as N1 – is anchored by H&M and includes a 10-screen Vue Cinema and entertainment venue the O2 Academy.
CBRE is advising CBRE Global Investors.
