Amsterdam-listed property company Wereldhave is acquiring Ealing Broadway shopping centre in West London. The investment volume of EUR 182 mln reflects a net initial yield of 6.5%.
Amsterdam-listed property company Wereldhave is acquiring Ealing Broadway shopping centre in West London. The investment volume of EUR 182 mln reflects a net initial yield of 6.5%.
Wereldhave announced on Thursday morning that the transaction will be completed by mid-December 2011.
The deal has been under negotiations with vendor Legal & General Properties for months. Asset manager ING REIM, now CBRE Global Investors, and UK REIT Land Securities had also expressed interest in the asset but Wereldhave emerged as the preferred bidder in recent weeks.
Wereldhave has also reached agreement to sell the Towers Business Park in Manchester for EUR 55 mln, close to book value.
Hans Pars, CEO Wereldhave, said: 'These two transactions are important steps forward in realising our strategy to create a UK portfolio of mid-sized shopping centres which are dominant in strong and sizeable catchments. It brings the share of shopping centres within our UK portfolio to 70%. The remainder consists primarily of London offices.'
