Scottish Widows Investment Partnership is selling the Kingfisher shopping centre in Redditch, Worcestershire, for around £150m.
SWIP has instructed Cushman & Wakefield to market the 1.1m sq ft shopping centre – at a 6.9% initial yield – after nearly seven years of ownership.
SWIP bought the shopping centre from Thornfield Properties for £211m, reflecting a 6% yield, in 2004.
Annual footfall at the centre increased by almost 27% to nearly 10m in 2006. One year later, SWIP agreed to let the former Allders store to value fashion retailer Primark.
Other tenants include Debenhams, Ann Summers, Argos and New Look.
annabel.dixon@estatesgazette.com
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