UK-based real estate fund manager Benson Elliot has acquired the Vicarage Field shopping centre on the outskirts of London for £35 mln (€49 mln).
UK-based real estate fund manager Benson Elliot has acquired the Vicarage Field shopping centre on the outskirts of London for £35 mln (€49 mln).
The 14,500 m2 property in Barking was bought from Northern Ireland-based JV Lagmar at a net initial yield of 8.5%.
Benson Elliot says it will look to reposition the centre’s retail profile, which currently includes brands such as Argos, Subway, Vodafone, Poundland and newcomers Holland & Barrett.
Marc Mogull, managing partner of Benson Elliot, said: ‘We’re strong believers in the growth and investment potential of East London and LBBD in particular, and recognise the great opportunity this acquisition offers to revitalise a key part of Barking town centre.’
The private equity fund manager has been targeting regional shopping centres with potential for rejuvenation. Last December it bought the Mander Centre in the UK city of Wolverhampton for €59 mln at a 6.5% yield, while in July it acquired the Imaginalia centre in Albacete, Spain, for around €20 mln and announced a major capital investment programme for the 45,000 m2 asset.
