BAE Systems pension fund is to buy the St John’s shopping centre, Perth in Scotland, from Grosvenor’s Arkle fund for £27m.
The 150,000 sq ft (13,935 sq m) centre was developed by Grosvenor in 1987 and contains shops let to tenants including Bhs, Burtons, Dixons and River Island.
The net initial yield will be 7.5% following settlement of some outstanding rent reviews. The centre will be managed by OLIM.
The deal follows on from Grosvenor’s recent sale of Market Place, Bolton, and forms part of the Arkle fund’s strategy of focusing on larger, dominant town centre schemes. The proceeds from the sale will be re-invested into acquisitions for the Arkle fund.
Kitchen LaFrenais Morgan acted for BAE Systems pension fund. DTZ and Jones Lang LaSalle acted for the Arkle fund.
EGi News 29/07/02
