Fairacre shops in Manchester
Fairacre has bought the 140,000 sq ft Arcades shopping centre in Ashton-under-Lyne, Manchester, for around £25m – an 8.75% yield. Savills represented the vendor, receivers Andrew Gilfedder and Kerry Nolan acting on behalf of Allied Irish Bank; Cushman & Wakefield acted for the buyer.
Praxis sells Carbon asset
Praxis has sold one of the shopping centres from its £200m mall portfolio, Project Carbon, which it put up for sale last year. Valad Europe has bought Garden Square in Letchworth, Hertfordshire, for £19.3m – an 8.6% yield. CBRE acted for Praxis; Cushman & Wakefield advised Valad Europe.
LondonMetric sells retail parks
LondonMetric Property has sold Westcroft retail park in Milton Keynes for £27.2m to Aberdeen Asset Management and the Mountbatten retail park in Southampton, Hampshire, to a client of CBRE Global Investors for £16.2m, a blended net initial yield of 5.7%. Edgerley Simpson Howe advised LondonMetric on Milton Keynes.
New Frontier buys in Blackpool
New Frontier, backed by South African REIT Rebosis Property Fund and Waypoint Capital, has bought the Houndshill shopping centre in Blackpool from Blackstone and Catalyst Capital for £105m – a 6.5% yield. New Frontier is being advised by Coady Supple and Lunson Mitchenhall; Cushman & Wakefield acted on behalf of Blackstone and Catalyst Capital.
L&O buys London Stone home
London & Oriental has bought a 150-year leasehold interest in 111 Cannon Street, EC4, home of the historic London Stone. L&O paid £7.5m for the site, which has consent for a 20,000 sq ft office and retail scheme that L&O now expects to complete by 2017. Allsop advised the vendor; Cushman & Wakefield acted for L&O.
