Legal & General is selling the long leasehold on the Four Seasons Shopping Centre in Mansfield, Nottinghamshire, for £23.75m and reinvesting the funds in a retail scheme in Basingstoke, Hampshire.
PillarCaisse, a joint venture between Pillar Property Investments and SITQ International, is buying the 26,500 sq m (285,000 sq ft) Four Seasons centre. The rent roll is around £1.6m pa, of which around 40% goes to the freeholder, Mansfield Council. The initial yield on the deal is 8%.
The 15,793 sq m (170,000 sq ft) Chineham shopping centre in Basingstoke is rumoured to be under offer to Legal & General at close to the asking price of £24m. The development is anchored by Tesco, and owner Taylor Woodrow has just completed a retail warehouse extension
Hillier Parker advised Legal & General on the sale of the Four Seasons, while Richard Ellis represented PillarCaisse.L&G to develop Bracknell town centre
EGi News 14/10/96
