Real estate investment manager PRUPIM has purchased the Wellgate Shopping Centre in the Scottish city of Dundee from HBG UK's property development unit through its M&G property fund for EUR 122 mln. HBG acquired the shopping mall in June 2003 and invested in a revamp scheme which included the creation of a new food court that houses food chains Subway, Fat Jackets and Ashoka.
Real estate investment manager PRUPIM has purchased the Wellgate Shopping Centre in the Scottish city of Dundee from HBG UK's property development unit through its M&G property fund for EUR 122 mln. HBG acquired the shopping mall in June 2003 and invested in a revamp scheme which included the creation of a new food court that houses food chains Subway, Fat Jackets and Ashoka.
The centre, let to tenants such as retailers TJ Hughes, Peacock, New Look and Poundland, has planning permission for a 4,645m2 extension and includes a car park with 600 parking space.
This is the first shopping centre acquired for the M&G Property Portfolio. 'Dundee has a wide retail catchment and a thriving retail City centre which has been successfully and attractively regenerated over recent years,' said co-fund manager Fiona Rowley.
Property advisor Cushman & Wakefield acted for PRUPIM, while the agent Smith Cole Wright and Churston Heard advised HBG Properties.
