Capital & Regional plc, the co-investing property asset manager and Morley Fund Management, said The Mall fund, has exchanged conditional contracts to buy three shopping centres from clients of REIT Asset Management for £378.5m.
The purchase is expected to be completed in early September.
The transaction reflects a net initial yield of 5.7 pct and an equivalent yield of 6.5 pct, the statement said.
The three shopping centres are located in Blackburn, Maidstone and Middlesbrough.
Chequers Shopping Centre in Maidstone comprises 46,450 sq metres covering three floors with over 80 stores while the 37,160 sq metres Cleveland Shopping Centre in Middlesbrough has 85 stores and a 500 space car park.
The Blackburn Shopping Centre comprises 49,701 sq metres with over 110 shops and 1,000 car parking spaces.