A private investment family has bought the Sheldon Shopping Centre in Birmingham for £8.25m.
The shopping centre, on Coventry Street, was bought at a net initial yield of 8.3% which goes to 8.5% on the settlement of outstanding lease renewals.
It provides more than 28,000 sq ft of retail space across 22 shops with tenants including Iceland, Carphone Warehouse and Lloyds pharmacy,
It was bought from Scottish Widows.
Jones Lang LaSalle acted for the family, Joiner Cummings represented Scottish Widows.