LaSalle Investment Management has bought The Morgan Quarter in Cardiff, Wales, for £55m (€64.7m)
UK-listed company Helical said it sold the redeveloped, mixed-use assets in line with its March 2016 book, reflecting a net inital yield of 5.9%, and a reversionary yield of 6.9%.
Helical bought the former David Morgan department store and two Victorian arcades in 2005.
It refurbished them, creating more than 300,000sqft of retail and office space.
Retailers include White Stuff, Jack Wills, Urban Outfitters and Molton Brown.
An additional 56 residential apartments were built above the retail space and have since been sold.
Duncan Walker, investment director at Helical, said: “This significant sale, at an attractive yield, represents the eighth retail asset we have sold since March 2016.
“In line with our continued repositioning of the portfolio through value-enhancing disposals, our retail investments now comprise just a small number of retail warehouses.
“Our intention is to recycle the majority of the proceeds of this disposal into our London portfolio.”
