ISIS Property Investment has sold the Pavilion Central shopping centre in Birmingham to the UBS Triton Property Fund for £98m. The 250,000 sq ft centre was recently refurbished by ISIS, which held the property on behalf of Royal & SunAlliance.
Pavilion Central generates an annual rent of £5.39m. The sale price reflects a net initial yield of 5.5%. Virgin Megastore has been secured as an anchor tenant, with a store expected to open this autumn.
Mark Ashton, ISIS Director of Property Funds, said that the centre had attracted over 30 interested parties. “There is a definite shortage of stock, rather than buyers at the moment”, he said.
CB Richard Ellis acted on behalf of ISIS.