U+I Group has sold the Crown Glass Shopping Centre in Nailsea, Somerset, to boutique investor Praxis Capital.
The shopping centre sold for £11.15m. The price reflected a 10.6% net initial yield.
It has 88,500 sq ft of retail on a single level, anchored by a 43,000 sq ft Waitrose. Other key tenants include Boots, Costa, JD Wetherspoon and WHSmith.
The complex also contains 41,727 sq ft of offices, 36 homes and a 250-space car park.
Founded in 2009, Praxis is a privately-owned investor and commercial property manager specialising in value-adding strategies in the UK regions.
It has acquired more than £1bn of UK commercial investment and development assets since it was established.
Its portfolio includes the Forum shopping centre in Sittingbourne, Kent, which it bought last year for £7m, and the Blaydon Shopping Centre near Newcastle, which it acquired for £30m in 2018.
Jackson Criss advised Praxis; Prime Retail acted for U+I.
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