Irish Life Assurance has purchased the Nicholsons shopping centre in Maidenhead, southeast England, from London-based private property investor Boultbee for £85 mln (EUR 125 mln). The Nicholsons centre provides 12,000 m[sup]2[/sup] of retail sales accommodation on a 1.77 hectare site. The key tenant anchors include Tesco Metro, Argos, Next, WH Smith and Ottakars. Boultbee said the sale represents an initial yield of 5.20% and an equivalent yield of 5.75%.
Irish Life Assurance has purchased the Nicholsons shopping centre in Maidenhead, southeast England, from London-based private property investor Boultbee for £85 mln (EUR 125 mln). The Nicholsons centre provides 12,000 m2 of retail sales accommodation on a 1.77 hectare site. The key tenant anchors include Tesco Metro, Argos, Next, WH Smith and Ottakars. Boultbee said the sale represents an initial yield of 5.20% and an equivalent yield of 5.75%.
Hilary Fitzgibbon, head of syndicated property at Irish Life Investment managers, commented: 'The Nicholsons centre is a strategic acquisition for Irish Life Assurance, which will allow them to offer investors exposure to the UK shopping centre market. The acquisition is in line with our current investment strategy for the UK whereby we favour dominant shopping centres located in a strong local market over traditional 'high street' units. We have identified a number of active asset management opportunities for the centre which we believe will lead to excellent prospects for rental growth.'
EFM Asset Management, part of Boultbee's property management company - EFM, has been retained to manage the centre for Irish Life. Boultbee was represented by Michael Elliott, while Irish Life was advised by Irish Life Investment Managers and represented by Morgan Williams.
