Two shopping centres owned by a Northern Ireland-based investor – one in Hastings, East Sussex, and the other in Enfield, north London – are being brought to the market for a combined £130m.
The private Irish investor owner and RBS, which provided the debt, are offering the 289,000 sq ft Priory Meadow shopping centre in Hastings (pictured) to a handful of parties for £68m, a 6.75% net initial yield.
The centre is let to tenants including Bhs, Evans, Jessops, Orange, Boots, Topshop, Next New Look and Marks & Spencer.
The private Irish investor, a client of BTW Shiells, bought Priory Meadow for £61.5m – a 7% yield – in 2003 from Boots Properties.
It is also selling the Palace Exchange shopping centre in Enfield for just over £60m – a 6% yield. The 160,000 sq ft scheme is let to tenants including TK Maxx, Lidl, Next and Argos.
The Palace Exchange was developed by ING Real Estate Developments in 2006 and sold to private Northern Irish investors in 2007.
Jones Lang LaSalle and BTW Shiells is advising on the Hastings deal; BTW Shiells is advising on Enfield.
All parties declined to comment.
annabel.dixon@estatesgazette.com
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