Wednesday, September 20, 2017

Three shopping centres enter market for £120 million

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Three UK shopping centres have been put on the market by their owner Oaktree Capital Management for £120 million.

In a joint venture with London & Associated Properties (LAP), the American investment company is to sell the three properties with an asking price representing a yield of eight per cent.

Oaktree acquired the retail properties after purchasing Project Horrogate defaulted loan portfolio in 2013.

The 372,000sq ft Kingsgate Shopping Centre in Dunfermline, which is anchored by tenants M&S and Debenhams is the first property up for sale.

Elsewhere, the 385,000sq ft Vancouver Quarter in King’s Lynn, anchored by Sainsbury’s and which LAP recently submitted plans for a £35,000 extension for, will also enter the market.

The smaller 100,000sq ft The Rushes centre in Loughborough will also be sold alongside the portfolio.

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