Princes Square, one of Scotland’s most prime shopping centres, has been put up for sale.
DTZ has been appointed to seek offers in excess of £122m for the 100,000 sq ft mall, reflecting a 4.85% initial yield. Hermes and Invista bought the shopping centre from Guardian Properties for £35m in 1997, with both owning an equal share.
The centre comprises 47 stores let to luxury retailers and restaurateurs, including Reiss, Monsoon, French Connection, LaCoste and Jo Malone.
The shopping centre is the first major scheme to officially come to market this year and has been put up for sale following a review of retail weightings across both Hermes and Invista.
A source said: “The sale was led by Invista, which had a cash-call at the end of last year and decided to sell its stake.
“Hermes has realised it would be better to sell the entire property. It has just had its year-end and has also had a cash-call so has reluctantly decided to sell its stake in
During the past six months, Hermes has sold or put up for sale close to £450m of retail assets, including a 28% stake in its 1.3m sq ft The Centre:MK in Milton Keynes, which is understood to be under offer to QIC, and a 50% share in Belfast’s Castlecourt development.
Princes Square, which will be officially marketed early next week, is expected to attract interest from private Irish trophy hunters as well as pension funds, which will target the property because of the various asset management opportunities it provides.
A 0.5-acre site to the rear of the centre – where, subject to planning, a retail courtyard with offices above to create a thoroughfare from
