Redevco has completed its purchase of the White Lion Walk shopping arcade in Guildford, Surrey, on behalf of one of its investors.
The purchase price for the 23-unit arcade, bought from Aviva Investors, was around £12m, thought to represent a yield of around 5.75%.
Its tenants include Next, Card Factory, H Samuel and Starbucks.
Andrew Vaughan, chief executive of Redevco, said: “Redevco plans to modernise the arcade, which is already well-positioned for redevelopment, to make it a more attractive shopping environment and curate a more exciting tenant mix.
“This is in line with our strategy of only investing in areas where we can add value by creating good-quality retail space that serves the needs of the local community.”
Green & Partners and CMS advised Redevco on the transaction.
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