LaSalle Investment Management has bought the Northfield Shopping Centre in Birmingham from administrators at Deloitte for £23m – a 10% yield.
Northfield, which was part of the Propinvest portfolio, is a 166,000 sq ft enclosed mall consisting of 49 shops.
It is anchored by a 30,000sq ft Wilkinsons, Peacocks, Iceland and characterised by national multiples including New Look, Superdrug, WH Smith, Poundland and Sports Direct as its main MSU’s.
It has an average annual footfall of 4.5m.
LIM’s head of retail, James Boyd-Phillips, said: “We see great investment potential in the value-add end of the retail market, especially in the current economic climate and for future proofing against the impact of internet shopping.
“The purchase of Northfield Shopping Centre supports our expanding retail portfolio and this strategy.”
Strutt & Parker advised LIM; CBRE acted for Deloitte.
nick.whitten@estatesgazette.com
