Amsterdam-listed real estate company Wereldhave has reached agreement to acquire the Dolphin Shopping Centre in Poole, Dorset, England. The investment volume amounts to £85 mln (EUR 101 mln), including costs, and reflects a net initial yield of 6%.

Amsterdam-listed real estate company Wereldhave has reached agreement to acquire the Dolphin Shopping Centre in Poole, Dorset, England. The investment volume amounts to £85 mln (EUR 101 mln), including costs, and reflects a net initial yield of 6%.

The asset comprises an existing mid-sized, mainly covered two level, shopping centre in one of the south coast's major urban areas.

The vendor is Grosvenor Shopping Centre Fund, managed by Grosvenor Fund Management.

Constructed in 1969 and refurbished in the 1980's and again in 2004 the shopping centre comprises just over 100 shops and restaurants over 49,200-m2 net lettable retail area (530,000. The retail offering includes Marks & Spencer, Primark, British Home Stores, New Look, River Island, Boots the Chemist, Next and the Arcadia brands; including TopShop, Burton and Dorothy Perkins.

Wereldhave said that there is significant potential to further modernise the centre.

Grosvenor Fund Management instructed CBRE to begin marketing the centre in September this year for around £80 mln. Grosvenor Fund Management had investigated the possibility of extending the centre but decided on a sale when it became clear the proposed plans could not be completed within the time constraints of its fund, which is due to expire in 2014.