The Universities Superannuation Scheme (USS) has acquired the 27,870 sq m (300,000 sq ft) Forestside covered shopping centre at Newtonbreda, South Belfast, from Sainsbury’s.
In a forward funded deal, USS will pay around £50m for the centre but the final price will depend on rents achieved at Forestside.
Already, Sainsbury’s has taken 7,246 sq m (78,000 sq ft), Marks & Spencer has taken 4,924 sq m (53,000 sq ft), while Dunnes Stores has taken 3,716 sq m (40,000 sq ft).
The centre consists of 36 other units and rents are expected to be over £1,291 sq m (£120 per sq ft) Zone A.
Colliers Erdman Lewis introduced the investment to USS. Jones Lang Wootton advised USS during the sale while J Trevor Webster acted for Sainsbury’s.
EGi News 01/10/97
