|
“British Land, one of the UK’s largest retail property managers, today announces the acquisition of Drake Circus in Plymouth for £240 million. Located in the middle of Plymouth, the 425,000 sq ft shopping centre is the West Country’s most popular shopping destination with an extensive catchment area covering Devon and Cornwall, and an annual footfall of nearly 19 million people.
The acquisition of Drake Circus further adds to British Land’s prime retail portfolio in the UK and is in line with the Group’s strategy of focusing on locations where it is able to provide its retail customers with high quality, accessible and flexible retail formats which are able to meet their current and future needs.
Drake Circus, which was opened in 2006, has over 70 retail units in modern retail formats with nearly three quarters of the space in units of over 7,500 sq ft. It is anchored by Primark, Marks & Spencer and Next with other key occupiers including established retailers such as Top Shop, New Look, Boots and H&M as well as newer fast growing retail brands such as Cult/Superdry and Republic.
The purchase price represents a net initial yield of 6.0% with significant potential for income growth through asset management initiatives.”
(CS della Società)
|
