RBS appoints Savills to market €63m Aylesbury mall

UK lender RBS has put the Friars Square shopping centre in Aylesbury, Buckinghamshire on the market after carrying out a number of asset management initiatives on the property.

Savills has been appointed to market the asset for a price believed to be around £46 mln (€63 mln).

The mall includes 268,611 sq ft (25,000 m2) of retail space with a number of anchor department stores, including House of Fraser and BHS. The property produces a total gross passing rent of £3.8 mln per annum and the average weighted unexpired term is 8.73 years.

Over the past 18 months, RBS has carried out a number of improvements to the centre including the development of a 7,700 sq ft central pod occupied by Topshop, BB’s and five kiosks as well as a new modern entrance at Market Square which is currently under construction and will house a new Metro Bank.

The asking price represents a significant discount to the value the asset traded for in 2007. At the time, Multiplex bought the mall for slightly less than its £90 mln asking price. The vendors were F&C Property Asset Management and CBRE Investors.

Neville Paterson, global director at RBS Real Estate Asset Management, said: 'RBS has cemented Friars Square as Aylesbury’s prime retailing destination.'