Leamington Shopping Park sold for £72m

LEAMINGTON Shopping Park has been sold by Gibraltar Limited Partnership to Ignis UK Property Fund for £72m, representing a net initial yield of 4.4%.

The retail centre, which is advised by asset manager British Land, was extensively refurbished in 2009 and almost every unit has been either re-let or reconfigured.

Debenhams opened a department store in October 2013 and Caffe Nero took its first out-of-town unit at the park. Other occupiers include Outfit, Next, New Look, Mamas & Papas, Boots, Clarks and Frankie & Benny’s.

Gibraltar Limited Partnership is a 50:50 joint venture between Hercules Unit Trust and The Crown Estate.
 
Charles Maudsley, head of retail for British Land, said: “We have realised significant value at Leamington Shopping Park by transforming it into an attractive and successful shopping destination.

“That value has been recognised by the market and the sale demonstrates both the strong UK institutional demand for the right type of product and confidence in the prospects for the retail occupational market.”
 
George Shaw, investment director at Ignis Real Estate and lead manager on the Ignis UK Property Fund, said; “We are delighted to acquire such a high quality asset which offers further opportunity through asset management to increase and enhance the income profile and returns.

“The asset will prove a valuable addition the Fund’s portfolio.”
 
Gibraltar represented itself while Ignis was represented by CWM Out of Town.
 
HUT is advised by British Land and managed by Schroders.