JLL advises on EUR 76m mall sale in Woking

Jones Lang LaSalle's Shopping Centre Investment team has advised IM Properties on the sale of Wolsey Place Shopping Centre in Woking to Woking Borough Council for £68 mln (about EUR 75.8 mln). The investment volume reflects a net initial yield of 8.2%. Woking Borough Council is the freeholder.

James Findlater, leading the sale at Jones Lang LaSalle, commented: 'The sale is a strategic move for IM Properties who are recycling their equity into core assets. Woking Borough Council was able to take advantage of its access to low borrowing costs to fund the purchase which allowed them to compete with private sector investors. They will also benefit from marriage value from joining their two ownerships.'

Wolsey Place Shopping Centre comprises 21,300 m² of retail space and is anchored by a Sainsbury's supermarket and a Boots chemist. Approximately 30% of the income generated by the property is derived from a 9,300-m² office tower let to Virgin Media for a further 10 years.