REIT buys £102.75m Maidstone shopping centre

The Stoneborough Trust, a joint venture between Prudential Life Fund and Shell Pensions Trust, has sold the 542,000 sq ft Chequers shopping centre in Maidstone to REIT Asset Management for £102.75m.

The centre was developed in the 1970s but has been substantially refurbished by the owners over the past ten years. It is anchored by Boots, Bhs, TJ Hughes, Wilkinsons and Next.

David Alker, Director of Shopping Centre Investment at Prudential, said: “The price the owners received for this asset represented an excellent return.”

CB Richard Ellis acted on behalf of Prudential and Shell. REIT was advised by Franc Warwick.