Blackstone is close to selling one of the properties from the £1.4bn distressed Royal Bank of Scotland loan portfolio it took control of in December.
Specialist investment manager Ellandi is in talks to buy the 115,000 sq ft White River Place shopping centre in St Austell, Cornwall, for around £20m. The sale price reflects an increase of around 25% on the value of the mall when it was transferred to Blackstone.
White River, which opened in 2009, is let to tenants including New Look, Peacocks, Superdrug and Thorntons.
The sale comes as banks and other owners steadily push more secondary shopping centres to market.
In Chatham, Kent, Nama is set to appoint CBRE and Jones Lang LaSalle to sell the 250,000 sq ft Pentagon shopping centre. It will seek around £40m – an 8.5% yield – for the property, which is let to more than 70 tenants. The Pentagon was bought for more than £90m by BHL, a joint venture between Dublin-based wealth management specialist Davy Private Clients and property developer Duignan & McCarthy, in 2007.
Elsewhere, Vale Retail is considering selling its 167,000 sq ft Garden Square shopping centre in Letchworth, Hertfordshire, for £20m – an 8.5% yield – while AXA Real Estate has put the 130,000 sq ft St Elli shopping centre in Llanelli, Carmarthenshire, up for sale for £33m – a 7% yield.
JLL is acting for Vale; CBRE is advising AXA.
annabel.dixon@estatesgazette.com
