Halladale Group and Citigroup's real estate investment arm Citigroup Property Investors (CPI) have acquired the Crown Glass shopping centre in Nailsea, south-western England, for EUR 40 mln. The price reflects a net initial yield of 5.5%.
Halladale Group and Citigroup's real estate investment arm Citigroup Property Investors (CPI) have acquired the Crown Glass shopping centre in Nailsea, south-western England, for EUR 40 mln. The price reflects a net initial yield of 5.5%.
Crown Glass was built in the early 1970's and extended in 2001 and 2004. It is the principal shopping mall in Nailsea and is situated at the heart of the town centre. The centre provides some 8,228 m2 of one-storey retail space, 3,876 m2 of offices as well as 36 residential units and 250 parking spaces. It is anchored by a number of national retailers including Boots, Iceland, Superdrug, Peacocks, New Look and the Post Office.
Property consultant Jackson Criss acted for Halladale and CPI, and Nailsea Town Centre was represented by real estate advisers Jones Lang La Salle and Lewis & Partners. CPI's Stuart Webster said: 'Crown Glass represents an attractive investment for CPI despite the low prime yields currently prevalent in the UK investment market as it affords the opportunity for value creation through a series of distinct asset management and development initiatives'.
