Threadneedle acquires ASK’s Eden Square

ASK Developments’ Eden Square shopping centre in Urmston has been sold to London-based asset manager Threadneedle Investments for £13.3m.

The deal covers the 68,000 sq ft shopping centre which is 95% let, and a 600-space car park.

The scheme, which was a 50/50 joint venture with Trafford Council, also included a 80 apartments, which have already been sold and a Sainsbury’s which the supermarket chain has already acquired.

Tenants at the centre include Iceland, Poundland, Boots, Aldi and Costa Coffee. The deal represents a net initial yield of 7.2%. JLL represented Threadneedle while ASK was represented by Tushingham Moore.

Edward Blood, director of Capital Markets at JLL, said: “Eden Square is a successful shopping centre in a popular suburb of Manchester. The location and strong tenant mix make it a desirable asset and we are delighted to have secured the acquisition on behalf of Threadneedle.”