Prime Commercial Properties has continued its £300m UK shopping centre sell-off with the disposal of the Meridian Shopping Centre, Havant, in Hampshire to Clavell Asset Management.
The £17.5m deal reflects an initial yield of 5.9% and an equivalent yield of 6.7%.
The 175,000 sq ft, two-level shopping centre is anchored by Wilkinson and Bewise and includes two multi-storey car parks.
Prime Commercial Properties has owned the centre for 11 years and the sale forms part of a drive to sell £300m of UK shopping centres and reinvest the profits in Germany.
CB Richard Ellis advised Prime Commercial Properties and Macarthur Wilson represented the purchasers.
References: EGi News 06/06/05
