ING Real Estate Investment Management (ING REIM) has bought the Haymarket Shopping Centre in Leicester for £77.5m.
The deal reflects an initial yield of around 5.5% and a reversionary yield of 6.8%.
The 337,000 sq ft (31,307 sq m) scheme, situated on the prime, pedestrianised Humberstone Gate, was bought from Haymarket Property Investments (HPIL) – a private investment vehicle set up by Fairacre Properties’ Perry Cash, Stuart Russell and Leigh Perl.
The centre marks the first purchase for the seed portfolio of ING REIM’s planned shopping centre fund.
It comprises 48 shops, a 485-space multi-storey car park, the Haymarket Theatre and the Bus Station.
Tenants include H&M Hennes, Somerfield, Boots, Lunn Poly, Phones 4U, TK Maxx and Woolworths.
Ian Cockburn, fund manager, ING REIM, said: “We are delighted to have completed what is a landmark deal for us in such a competitive market.
“Seeding the portfolio for this fund is a high priority for ING REIM and we are confident that we can repeat this success with future deals.”
Hoddell Stotesbury Morgan advised HPIL. Jones Lang LaSalle acted for ING REIM.
References: EGi News 02/08/04
