USS bags up Cambridge's Grand Arcade

02.07.09

It now owns the entire city centre development.

It is thought it paid about £22m – a yield of around 7%. The sale of the 450,000 sq ft John Lewis-anchored scheme completed on Wednesday.

John Irvine, executive director in charge of Grosvenor’s development programme outside the London Estate said: 'On completion of any development we have a policy of reviewing our investment to decide whether to hold the asset.

'The proceeds from Grand Arcade will release capital to pursue other opportunities elsewhere.

'Grosvenor will remain as development manager to complete the project and we look forward to continuing our involvement in the city through the residential-led Trumpington Meadows scheme on the edge of Cambridge, also being undertaken with USS'.

CB Richard Ellis advised Grosvenor; Jones Lang LaSalle advised USS.

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