Prudential was this week poised to complete Scotland’s largest high-street property sale of the past 12 months.
Redevco has agreed to buy a 150,000 sq ft shopping parade in Argyle Street, Glasgow, let to GAP, Dixons, JD Sports, Woolworths and Claire’s Accessories, for £40m a 5.4% initial yield.
Adam Starr, portfolio manager at Redevco the UK arm of C&A owner Rodamco said: “The property fits well with our strategy of buying good blocks in strong retailing centres where there is scope to add value.
“There will be opportunities to look at the reconfiguration of space and utilisation of the vacant upper floors.”
Last month Redevco was the underbidder on Land Securities’ 160,000 sq ft Caxtongate retail block in Birmingham.
The Pru has been selling retail holdings for the past year, and last week brought a 63,225 sq ft block on nearby Buchanan Street to the market for £28.9m.
Cushman & Wakefield Healey & Baker advised Prudential; King Sturge acted for Redevco.
References: EGi News 17/02/06
