Hanover Property Unit Trust has sold Carillon Court shopping centre in Loughborough, Leicestershire, to Midland Bank Pension Fund for £16.1m – £6m more than it paid for the scheme in 1991. The deal reflects an 8% yield.
Since purchasing what was then known as the Charnwood Centre from Shell Pension Fund, Hanover has spent around £3m on completely refurbishing the 6,040 sq m (65,000 sq ft) building and re-working the tenant mix.
Key occupiers at the centre now include Littlewoods, Boots, Next and WH Smith. Zone A rents are around £60.
Hanover is managed by PRICOA Property Investment Management, which was advised during the deal by Hoddell Stotesbury. Jones Lang Wootton acted for Midland Bank.
EGi News 10/04/97
