MEPC has spent over £27m on two deals in Northern Ireland and Scotland.
It has paid £20m for the freehold interest in J Sainsbury Developments Damolly Retail Park in Newry, Northern Ireland. The deal reflects a net initial yield of 6.85%.
The 12,775 sq m (137,000 sq ft) retail park is expected to be completed at the beginning of April 1999. It comprises six units, two units being prelet to MFI and B&Q, who have taken a 6,735 sq m (72,000 sq ft) unit. All the remaining four units are under offer.
J Sainsbury Developments were represented by Waterworths in the transaction, while MEPC acted for itself.
And in Scotland MEPC bought the Loch Lomond Factory Outlet Centre for £7.075m on a gross yield of around 8.5%. The 4,780 sq m (51,000 sq ft) three-level centre has been trading since 1997 and is fully let to 20 tenants including Versace, Benetton and Stuart Crystal.
MEPC now has five factory outlet centres across the UK.
The vendor Acreground represented itself, while Wilson McHardy advised MEPC.
EGi News 01/04/99
