British Land has confirmed the sale of the Bon Accord & St Nicolas Centre in Aberdeen to F&C REIT for £189m.
BL, which owned the 460,000 sq ft scheme in a joint venture with Land Securities called the Scottish Retail Property Limited Partnership, said its share of the sale was £94.5m.
Bon Accord & St Nicolas Centre comprises 75 shops and 1,400 car park spaces positioned between a 200,000 sq ft John Lewis and a 110,000 sq ft M&S.
In the last month the REIT has sold a number of assets totalling £263m (BL share £168m), including the sale of the freehold of St James Retail Park, Northampton , to a client of DTZ Investment Management Limited for £53m.
The 165,000 sq ft retail scheme, which comprises 11 retail units and 588 car park spaces, was acquired by British Land in 1995 for £21.6m. British Land has also acquired £101m of retail assets, including the 430,000 sq ft SouthGate, Bath.
Charles Maudsley, head of retail for British Land, said: “We are taking advantage of the improved sentiment in the investment markets and are delighted to have executed a number of sales recently.”
Zvi Noé, director of investments at F&C REIT, commented: “We are delighted to have once again worked with long-standing partners to secure this deal. These assets offer a strong risk-adjusted return profile through downside protection and attractive entry pricing, as well as an exciting range of income and value-enhancing asset management initiatives to explore. ????
“Having secured these assets we look forward to completing similar transactions going forward.”????
F&C REIT was advised by CBRE, Cushman & Wakefield acted for the Scottish Retail Property Partnership.
Bridget.O’Connell@estatesgazette.com
