London-listed developer-investor Helical Bar, in a joint venture with Prime Commercial Properties (PCP), has acquired the long leasehold interest in the Clyde Shopping Centre, Clydebank, Glasgow, for a cash consideration of about £69 mln (EUR 77 mln). The vendor was Co-operative Insurance Society (CIS).
London-listed developer-investor Helical Bar, in a joint venture with Prime Commercial Properties (PCP), has acquired the long leasehold interest in the Clyde Shopping Centre, Clydebank, Glasgow, for a cash consideration of about £69 mln (EUR 77 mln). The vendor was Co-operative Insurance Society (CIS).
Helical Bar said that Clyde Shopping Centre is the dominant retail location in Clydebank and for the northwest quarter of Glasgow. The centre comprises in excess of 58,000 m2 of net retail floor space with 121 shops. There are six anchor stores (Asda, Primark, BHS, Dunnes, Boots and Argos), cafes, a multiplex cinema (not part of the acquired property) and parking for nearly 1,700 cars. The centre was originally opened in 1978 and subsequent phases were built in 1980, 1987 and 2003.
The purchase price, reflecting a net initial yield of 8.3% (rent of circa £6 mln per annum), will be funded by bank debt of approximately £44 mln, with Helical and PCP having a 60:40 economic interest in the property, respectively.
Cushman and Wakefield represented Helical and PCP, while DTZ represented CIS. Norton Rose, London and Leslie Wolfson & Co, Glasgow, acted on behalf of the purchasers.
