Rockspring Property Investment Managers has acquired Walnuts Shopping Centre in Orpington, Kent, for £43.9m.
The purchase represents an initial yield of 6.5% for the 205,000 sq ft centre, which was bought on behalf of the UK Value 2 fund from a private Kuwaiti investor and Miller Developments.
A leisure development due to complete in January 2016 will include a seven-screen cinema and restaurants with prelets agreed for Odeon, Bella Italia, Pure Gym and Dean’s Diner.
The site also contains a 22,800 sq ft hotel prelet to Premier Inn, which will complete in May. Miller Developments will continue to project manage the hotel development until completion.
Rockspring was advised by Strutt & Parker, the sellers were represented by Cushman and KLM.
