Benson Elliot has acquired the Vicarage Field Shopping Centre in Barking in an off-market transaction for £35 mln (approx. €48.8 mln). The East London scheme has been acquired from Northern Irish JV Lagmar. The purchase price represents a net initial yield of 8.5%.
Vicarage Field is located in the heart of Barking, on a 5.2 acre site held long leasehold from the London Borough of Barking and Dagenham. Constructed in 1991, the centre provides 156,000 ft² (14,492 m²) of net lettable retail space.
Benson Elliot will consider repositioning the retail offer at Vicarage Field, building on the firm’s strong in-house retail expertise and leveraging occupier relationships developed through Benson Elliot’s ownership.
Source: Benson Elliot