ING Britannica goes to Church
Published: 13 September, 2006
ING Retail Property Fund Britannica has acquired Church Square shopping centre in St Helens from Analytical Properties for £75m. The sale reflects a 5.18 per cent initial yield and takes the value of the fund to over £600m.
The centre comprises 290,496 sq ft of retail space, with two multi-storey car parks providing over 600 spaces. Current rental income is £4m pa.
Aleks Hughes, fund manager at ING Britannica, said the acquisition was the first new purchase by the fund , which produced a return of 31.7 per cent in the 12 months to 30 June 2006.
CB Richard Ellis acted on behalf of ING Britannica and Donaldsons and Gooch Gunliffe Whale represented Analytical Properties.
