Property development company Halladale Group plc, said it has acquired Sunbury Cross Shopping Centre in Sunbury on Thames, from Brookridge Properties Ltd for Â£21.4m, with its co-investment partner, Anglo Irish UK Property Fund.
The transaction represents the third co-investment with Anglo Irish Fund and takes the total assets of its partnerships with Halladale to 62.5 mln stg. The price reflects a net initial yield of 7.69 pct, the company added.
Sunbury, the principal shopping centre in Sunbury on Thames, is located in close proximity to Heathrow Terminal 5, next to the M25 and M3. The mixed use site, with retail space totalling 57,450 sq ft, is anchored by Marks & Spencer.
Halladale has invested 30 per cent of the equity in the venture and will manage the property on behalf of the co-investment vehicle.