RREEF, the property arm of Deutsche Bank, has exchanged contracts with London & Associated Properties (LAP) for the acquisition of the Saxon Square shopping centre in the Dorset town of Christchurch in the UK for just over £20 mln (EUR 30 mln). LAP said in a statement that the sale of the 10,000 m[sup]2[/sup] asset to RREEF UK Property Ventures Fund No 3 reflected a net initial yield of 5.05%, 'or 4.6% net of rents guaranteed by LAP on certain units for a maximum of a year'. LAP originally acquired the shopping centre in 1997 and it currently comprises 22 retail units, nine kiosks and a coffee shop. The last independent valuation of the centre valued it at almost £ 19 mln as of end December 2006.

RREEF, the property arm of Deutsche Bank, has exchanged contracts with London & Associated Properties (LAP) for the acquisition of the Saxon Square shopping centre in the Dorset town of Christchurch in the UK for just over £20 mln (EUR 30 mln). LAP said in a statement that the sale of the 10,000 m2 asset to RREEF UK Property Ventures Fund No 3 reflected a net initial yield of 5.05%, 'or 4.6% net of rents guaranteed by LAP on certain units for a maximum of a year'. LAP originally acquired the shopping centre in 1997 and it currently comprises 22 retail units, nine kiosks and a coffee shop. The last independent valuation of the centre valued it at almost £ 19 mln as of end December 2006.

LAP was advised by Gooch Cunliffe Whale and Lewis & Partners while Jackson Criss acted for RREEF.