Grosvenor’s shopping centre fund is selling the Dolphin Shopping Centre in Poole for around £80m – a 6.25% yield.
The private property company is understood to have decided to dispose of the 530,000 sq ft shopping centre because it cannot complete a proposed extension before the closed-ended fund expires in 2014.
Tony Christie, retail fund manager at Grosvenor, said: “We believe there is potential to extend the shopping centre and reposition it within the regional hierarchy. We are disappointed not to be able to take this on ourselves but, we believe this is a great opportunity for a purchaser which can take a longer term position.”
CB Richard Ellis is advising Grosvenor.
annabel.dixon@estatesgazette.com
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