Glasgow mall sells for £46.5m
KKR and Quadrant Estates have completed the purchase of the Sauchiehall Centre in Glasgow for £46.5m – a 7% yield. The 180,000 sq ft mall at 179 Sauchiehall Street is anchored by Primark. DTZ advised vendor Kames; Montagu Evans acted for KKR and Quadrant Estates.
RLAM bags Cheltenham park
Royal London Asset Management has bought Centrum retail park in Cheltenham, Gloucestershire from Threadneedle Investments for £33.1m – a 6.45% yield. The scheme comprises 90,746 sq ft of retail warehousing and 49,238 sq ft of industrial. Strutt & Parker advised the vendor; CWM advised RLAM.
Octopus grabs care homes
Bridges Ventures’ CarePlaces Fund and developer Castleoak have sold two care homes to Octopus Healthcare for £20.5m – a 5.4% yield. The homes are in Diss, Norfolk, and Stoke Mandeville, Buckinghamshire. They are let to Greensleves Homes Trust and Freemantle Trust respectively. Knight Frank advised the vendor; the purchaser was unrepresented.
KF docks with Edinburgh Quay
Edinburgh Quay 2 has been sold by Cordea Savills’ European Commercial Fund to Knight Frank Investment Management for £24.5m – a 6.88% net initial yield. The 60,178 sq ft office is in the city’s Exchange District. Tenants include the government, Lloyds TSB and Pinsent Masons. Savills advised the vendor; Knight Frank advised the buyer.
London Capital milks Pasteur
Eddiston and Europa Capital have bought Pasteur retail park in Great Yarmouth, Norfolk, from London Capital for £20.7m – a 6.75% yield. The 122,000 sq ft park has five stores. Wilkinson Williams advised London Capital; Staunton Whiteman advised Eddiston and Europa Capital.
