LaSalle Investment Management has announced that it has acquired the Arena Shopping Park in Harringay. The purchase price was £53 million (approx. 63.3 million), giving a 5.34% net initial yield.
The Arena Shopping Park property comprises 115,915 ft² (approx. 10,800 m²) of retail space, with unrestricted open A1 planning consent, including food, and is let to Homebase, Sports Direct, Royal Mail, Carphone Warehouse, Subway, Costa Coffee, Dreams, Fitness First, Argos, Peacocks, Superdrug and Next. Located on Green Lanes (A105), adjacent to Harringay Green Lanes Rail Station, the scheme is anchored by an adjacent Sainsbury's foodstore.
Richard Debney, Fund Manager, LaSalle Investment Management, said: "The acquisition of Arena Shopping Park reflects our belief that high quality retail space located in sought after locations will continue to outperform the wider market in spite of the obvious pressures of the economic downturn."
LaSalle were advised by were advised by CWM and Hogan Lovells.
Source: Citigate Dewe Rogerson