Leading real estate investment manager PRUPIM has confirmed the purchase of a House of Fraser department store for £14.48 million.
PRUPIM acquired the 17,000-m², seven story building in Plymouth on behalf of Prudential's Life Fund. The department store site is adjacent to a number of units already owned by the fund.
The property is leasehold from Plymouth County Council but is sublet to House of Fraser for the next 30 years.
PRUPIM Investment manager Mark Cruddas said: "Given the proximity to other buildings we own, there is clearly development opportunity in the long term."
Separately, PRUPIM has acquired the B&Q and Burger King at Bamber Bridge, Lancashire on behalf of Prudential Pensions Limited. The vendor was Standard Life. The Fund paid £15.35 million reflecting a yield of 9.21%.