Warner Estate Holdings plc said it agreed to sell the Port Arcades Shopping Centre in Ellesmere Port to HSBC Shopping Centre Fund III for £48.25m.
The site was valued at 38.7 mln stg in Sept 2004, and sale represents a net initial yield of 6 pct, the group said.
'The proceeds from the disposal will be recycled into our re-development programme, which includes a major scheme for nearby Birkenhead. We have a long-term commitment to the Northwest and we look forward to reporting further progress,' commented property director Richard Moore in a statement.
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Source: Freeman
