Universities Superannuation Scheme has bought out Grosvenor’s 20% stake in Grand Arcade shopping centre, Cambridge, for around £22m – a 7% yield.
The UK pension fund is now sole owner of the 450,000 sq ft John Lewis-anchored scheme. The deal completed on Wednesday.
John Irvine, executive director of development at Grosvenor, said: “On completion of any development we have a policy of reviewing our investment to decide whether to hold the asset.
“The proceeds from Grand Arcade will release capital to pursue other opportunities elsewhere.
“Grosvenor will remain as development manager to complete the project and we look forward to continuing our involvement in the city through the residential-led Trumpington Meadows scheme on the edge of Cambridge, also being undertaken with USS.”
Graham Burnett, head of property at USS, said: “I am delighted that the fund now owns 100% of Grand Arcade. Cambridge is a fantastic retail location and Grand Arcade has quickly established itself as the City’s premier shopping centre.”
Jones Lang LaSalle advised USS; CB Richard Ellis advised Grosvenor.
Universities Superannuation Scheme has bought out Grosvenor’s 20% stake in Grand Arcade shopping centre, Cambridge, for around £22m – a 7% yield.
The UK pension fund is now sole owner of the 450,000 sq ft John Lewis-anchored scheme. The deal completed on Wednesday.
John Irvine, executive director of development at Grosvenor, said: “On completion of any development we have a policy of reviewing our investment to decide whether to hold the asset.
“The proceeds from Grand Arcade will release capital to pursue other opportunities elsewhere.
“Grosvenor will remain as development manager to complete the project and we look forward to continuing our involvement in the city through the residential-led Trumpington Meadows scheme on the edge of Cambridge, also being undertaken with USS.”
Graham Burnett, head of property at USS, said: “I am delighted that the fund now owns 100% of Grand Arcade. Cambridge is a fantastic retail location and Grand Arcade has quickly established itself as the City’s premier shopping centre.”
Jones Lang LaSalle advised USS; CB Richard Ellis advised Grosvenor.
annabel.dixon@rbi.co.uk
