Capital & Regional has bought The Waterside Shopping Centre in of
C&R has bought the centre from clients of PRUPIM for £24.8m, a 7.68% net initial yield.
The Waterside includes around 120,000 sq ft of accommodation on two principal levels, located on a prime retail pitch in the centre of
The centre is anchored by Primark, New Look, Top Shop & Oasis with zone A rents around £30-£65 and a current void level of 5% .The weighted average unexpired lease term is 7.1 years.
Completion is expected to take place in mid February.
Capital & Regional said it believed there is latent demand from both retailers without
There is also planning consent to introduce a
It is planned that Waterside will form part of a new 50:50 joint venture between Capital & Regional and Karoo Investment Fund II (Karoo), a Luxembourg investment Fund.
As Capital & Regional and Karoo have some common shareholders the Listing Rules require the Company to obtain shareholder consent for the sale of the 50% interest in the Waterside to
It is anticipated that just over half the purchase price will be funded by a new four year non-recourse bank facility, with the balance being met by existing cash resources.
“This is an exciting acquisition for Capital & Regional as we move to deliver on our growth strategy for the company.” said Hugh Scott-Barrett, Chief Executive of Capital & Regional.
“Waterside is a classic C&R centre where we can apply our revenue focussed retail management skills to create the right space and trading environment for retailers and deliver good returns for our shareholders We are pleased to be able to invite
paul.norman@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
