Altomart has bought the Pavilions shopping centre in Uxbridge, west London, from Mars Pension Fund for £19m, at a 15.4% yield.
The 500,000 sq ft site was brought to the market by Knight Frank in 2023. It was being marketed for offers above £34.4m, so the sale price represents a discount of 45% on that asking price.
The Pavilions comprises 76 stores and is held on a long leasehold from the London Borough of Hillingdon for a term of 147 years, expiring on 3 March 2133.
It generates gross income of nearly £4.2m pa and net income of around £3.1m pa. Anchor tenants include Primark, Tesco and Marks & Spencer.
The WAULT is 5.7 years to break and 8.8 years to expiry. Some 88% of the total gross income is secured against national tenants.
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