Telford Shopping Centre in the UK was sold on Wednesday for £442 mln (EUR 652 mln) to American company Apollo Real Estate and private development company Hark Group. The joint venture has bought the 93,000 m[sup]2[/sup] mall from the Universities' Superannuation Scheme (USS), a UK pension scheme. Last November USS hired Jones Lang LaSalle to market the retail complex in Shropshire for about £460 mln (EUR 679 mln). The deal reflects a net initial yield of 4.86%.
Telford Shopping Centre in the UK was sold on Wednesday for £442 mln (EUR 652 mln) to American company Apollo Real Estate and private development company Hark Group. The joint venture has bought the 93,000 m2 mall from the Universities' Superannuation Scheme (USS), a UK pension scheme. Last November USS hired Jones Lang LaSalle to market the retail complex in Shropshire for about £460 mln (EUR 679 mln). The deal reflects a net initial yield of 4.86%.
USS bought Telford Shopping Centre in 1990. The centre is an indoor mall with over 180 shops and Sherwood Square in the centre is home to the 'Telford Time Machine', a large animated feature clock spanning most of the width of the square. Apollo and Hark said they will extend the centre, by adding more shopping and leisure facilities as well as residential space. The deal is financed by the Royal Bank of Scotland.
The pension scheme's other property assets included Forestside Shopping Centre in Belfast, which was bought from Sainsbury's for £50 mln in 1998 and sold for £70 mln three years later.