Standard Life Investments has sold the Regent Centre in Hamilton, Lanarkshire, Scotland to an unnamed Northern Irish investor for £65.55 mln (EUR 97 mln). Based on the initial annual income generated by the centre of around EUR 5.9 mln, the transaction reflects a yield of 5.72%.
Standard Life Investments has sold the Regent Centre in Hamilton, Lanarkshire, Scotland to an unnamed Northern Irish investor for £65.55 mln (EUR 97 mln). Based on the initial annual income generated by the centre of around EUR 5.9 mln, the transaction reflects a yield of 5.72%.
The 28,000 m2 shopping centre is anchored by Marks & Spencer, Boots, Bhs and Woolworths and had been part of Standard Life Investments' UK Shopping Centre Trust. Its fund manager, Ed Jenkins, said that the Regent Centre had been one of the Trust’s smaller assets, and did not ideally match the balance of the portfolio, as it is focused on larger, more dominant and prime stock. The Trust was launched in April 2005 with assets including the Brent Cross Shopping Centre, and as at the end of last month was worth around EUR 2.8 bn.