Europa Capital and joint venture partner Scoop AM have purchased the long leasehold interest in an open-air shopping centre in northwestern England. The investment volume of £31 mln (€39 mln) reflects a net initial yield of 7.7%.
Europa Capital and joint venture partner Scoop AM have purchased the long leasehold interest in an open-air shopping centre in northwestern England. The investment volume of £31 mln (€39 mln) reflects a net initial yield of 7.7%.
The asset, Washington Square, is a 24,400 m2 shopping centre in the coastal town of Workington, West Cumbria.
Comprising four blocks totalling 60 retail units, the centre is anchored by a Debenhams department store and has a multi-storey car park on site. The property was sold through LPA receivers at DTZ. CBRE acted for Europa Capital and Scoop AM on the acquisition.
Washington Square is Europa Capital’s second investment with Scoop AM, having previously acquired Fremlin Walk Shopping Centre in Maidstone, Kent.
Rob Sim, head of Northern Europe at Europa Capital, said: 'Washington Square offers Europa Fund IV the opportunity to add significant value to a retail environment which is steadily and economically improving.'
Stuart Farnell, partner of Scoop AM, added: 'Workington has strong retailing fundamentals but has not realised its trading potential in recent years. With fresh owners and a clear business plan we expect Washington Square to prosper.'