Helical Bar has bought the long leasehold interest in the Clyde shopping centre in Clydebank, Glasgow for £69m, in a joint venture with Prime Commercial Properties.
The 625,000 sq ft shopping centre has been bought from the Co-operative Insurance Society. The acquisition is being funded by around £44m of bank debt, with Helical and PCP having a 60:40 economic interest in the property respectively.
The purchase price reflects a net initial yield of 8.3%.
Helical chief executive Michael Slade said: “This is the first major purchase we have carried out since the onset of the financial crisis. We are attracted to it because it will provide us with a good yield, while offering a number of opportunities to use our asset management skills to deliver income and capital appreciation in the near term. We hope that this will be the first of a number of acquisitions of this nature.“
PCP’s Claude Gubbay added: “This is an asset that PCP has tracked for many years and we are very pleased to have our return to UK shopping centre investment and management sealed with this purchase. Clyde Shopping Centre is typical of the type of property we traditionally like and are looking to acquire, having so many asset management opportunities for us to work on in conjunction with our partner and the council.”
Cushman & Wakefield advised Helical and PCP; DTZ acted for CIS.
samantha.mcclary@estatesgazette.com
