Deutsche Bank 's property arm RREEF has bought the Saxon shopping centre in Christchurch from London & Associated Properties for £20.5m.

The 103,000 sq ft shopping centre will be placed into RREEF’s UK Property Ventures Fund No 3. The price paid for the property reflect s a yield of 5.05%.

London & Associated Properties bought the 22 unit scheme in 1997.

RREEF was advised by Jackson Criss and London & Associated Properties was advised by Gooch Cunliffe Whale and Lewis & Partners.

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