UK shopping centre investment turnover for the first quarter of 2014 has remained positive – following a strong finish to the end of 2013 – with transactional volumes totalling £1.77 billion, according to data released today by Cushman & Wakefield.
This quarter’s figure is 68% ahead of the Q1 2013 total of £1.05 billion.
In one of the largest single asset deals of the quarter, Cushman & Wakefield advised Land Securities on the sale of Overgate, Dundee, to Legal & General for £125.3 million, reflecting a net initial yield (NIY) of 7.5%. The firm also advised InfraRed on the purchase of the Eastgate Centre, Basildon, for £88.6 million (7.15% NIY).
Other key deals included intu’s purchase of 50% of Westfield Merry Hill and 100% of Westfield Derby for £795 million as well as the sale of Aviva’s 73% share in Liffey Valley, Dublin, to Hines for £216 million (8% NIY).
There are currently eight shopping centres under offer in the UK, with a combined total value of more than £900 million. These include intu Uxbridge, Cabot Circus in Bristol and Bracknell town centre regeneration.
uk shopping centre transactions – q1 2014
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Turnover
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£1.77bn
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Transactions
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15
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Under offer
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£923m
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