Aviva Investors Property Trust (APIT) has acquired the St Georges Shopping Centre, Fishergate, Preston, from the Mall Fund for just under £90 million (approx. 99.2 mln.) reflecting a yield of around 7.75%. St Georges Shopping Centre has a mix of around 100 independent and high street retailers including Marks & Spencer, Burtons / Dorothy Perkins, New Look, Peacocks and H&M.
Investment agent Guy Harrison of Lunson Mitchenall said: "The scheme is well let and provides strong income flow. It will also benefit from asset management initiatives that can enhance performance for the purchaser."
CBRE advised The Mall.
Source: Brown Lloyd James Financial