A bumper year for shopping centre investment sales has continued after pension fund Phoenix Life completed on the purchase of the Beacon in Eastbourne for £61m.
Previous owner Legal & General Investment Management appointed Savills to market the scheme last October, with an initial £80m price tag.
Annual rental income is £7.5m, equating to a net initial yield of 11.58%.
The Beacon is a 497,377 sq ft town centre scheme where tenants include Sainsbury’s, Primark, Marks & Spencer and Sports Direct.
It was previously known as Eastbourne Arndale Centre until a rebrand in 2018 following an £85m refurbishment,
JLL acted on behalf of the purchaser.
The deal follows the news that UK shopping centre investments across the UK had outstripped 2023’s combined value in the first nine months of 2024, with more than £1.2bn invested across 38 deals.
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