Avenue Capital and Ellandi have sold the Strand Shopping Centre in Bootle, near Liverpool, to Sefton Borough Council for around £32.5m – an 8.7% yield.
Ellandi will remain as asset manager, working alongside the council. During its ownership Ellandi has secured TJ Hughes as an anchor tenant and vacancy rates have been reduced from nearly 30% to less than 10%, while footfall has increased by 14% year on year.
Sefton’s investment in the largest shopping centre in its borough marks spearheads the council’s plans for the regeneration of the area.
Mark Robinson, Ellandi’s property director, said: “The work of transforming Bootle town centre has just begun. We look forward to working with Sefton Council to deliver even more change over the next few years.”
Avenue and Ellandi were advised by Savills and Osborne Clarke. Sefton BC was advised by Lambert Smith Hampton and Addleshaw Goddard.
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