Irish investor buys £65m Lanarkshire centre

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A Northern Irish investor has bought the Regent Centre shopping centre in Hamilton, Lanarkshire.

The purchaser paid the Standard Life Investments UK Shopping Centre Trust £65.5m for the centre.

The deal reflects a yield of 5.72 %, based on the initial £4m income generated by the centre.

Standard Life Investments carried out a £9m redevelopment of the 300,000 sq ft shopping centre in 1999. It is anchored by Marks & Spencer, Boots, Bhs and Woolworths.

Ed Jenkins, fund manager of the Standard Life Investments UK Shopping Centre Trust, said: ‘We have been long-term investors in Hamilton and are proud of having developed a well-tenanted, modern, enclosed shopping centre from what was originally a dated and windswept open street.

‘The Centre was one of the smaller assets in the UK Shopping Centre Trust and did not ideally match the balance of the portfolio, focussed as it is on larger, more dominant and prime stock.’

Churston Heard acted for the Standard Life Investments UK Shopping Centre Trust. BTW Shiells and Jones Lang LaSalle acted for the purchaser.

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