F&C REIT is in exclusive discussions to buy The Lanes shopping centre in Carlisle, Cumbria, from Aviva Investors.
The fund manager is understood to be under offer to acquire the 465,000 sq ft mall for around £65m – a circa 7.5% yield.
F&C REIT has bought a raft of retail assets recently including The Mall Middlesbrough and The Mall Barnsley from Capital & Regional’s Mall Fund for £108m last June.
Aviva Investors brought The Lanes to the market in April to rationalise the portfolio in which it sits.
A spokesperson for Aviva Investors said: “Aviva Investors can confirm that it has agreed heads of terms for the sale of their interest in The Lanes shopping centre in Carlisle and that it has now entered exclusive talks with the proposed purchaser.”
Strutt & Parker is acting for Aviva Investors; Franc Warwick acts for F&C REIT.
annabel.dixon@estatesgazette.com
