LaSalle IM pays £19m for Rochdale shopping centre

THE Exchange Shopping Centre in Rochdale has changed hands for £19m.

LaSalle Investment Management has bought it from Axa Real Estate Investment Management.

The deal represents a net initial yield of 9%.
 
The 270,000 sq ft shopping centre was built in 1976, refurbished in 1997, and has 39 ground floor retail units with a three-storey office building above.

Anchor tenants include River Island, Boots, Iceland, Home Bargains, Beales, B&M Bargains and Poundland.

James Boyd Phillips, head of retail, LaSalle Investment Management said: “The acquisition of The Exchange Shopping Centre, Rochdale, is a great example of the investments we are seeking. Situated in the heart of Rochdale town centre, fronting onto the high street, the centre is the key retail offering in the town and a vital element in ensuring continued economic growth in the area.”

LaSalle Investment Management was advised by both Green and Partners and Lewis & Partners whilst Axa Real Estate Investment Management was advised by CBRE.