Hermes Real Estate has sold the Royal Quays shopping village in North Shields, Newcastle for £28.8m.
Capmark Investments and Dutch clients of WD Galleria, the discount outlet operator, purchased the 137,500 sq ft centre which was managed for Hermes by Realm.
Nike, Marks & Spencer and Next anchor the centre, which includes up to 50 retailers – most of whom are on leases with turnover provisions.
Mark Beattie, retail investment surveyor at Hermes said: “There was a significant amount of interest from a wide range of parties including institutions, property companies and private investors.
“However, from the outset WD Galleria showed the greatest enthusiasm and understanding of the product and were always one of the leading runners.”
Cushman & Wakefield, Realm and Beachcroft LLP advised Hermes.
Sanderson Weatherall and Halliwells advised WD Galleria Limited.
References: EGi News 13/09/06
