UK REIT Redefine International has completed the acquisition of the Weston Favell shopping centre in Northampton for £84 mln (€100 mln).
UK REIT Redefine International has completed the acquisition of the Weston Favell shopping centre in Northampton for £84 mln (€100 mln).
Weston Favell comprises around 28,500 m2 of retail accommodation arranged over two floors with 1,150 free parking spaces.
Anchored by one of the largest Tesco Extra supermarkets in the UK, the centre has a total of 56 retail units and seven kiosks let to a variety of national and local retailers producing a net rental income of £6.4 mln per annum.
'Delivering a net initial yield (after acquisition costs) of 7.2%, this shopping centre provides strong income whilst presenting a number of asset management opportunities,' commented Mike Watters, chief executive of Redefine International.
