Salisbury and Wrexham malls sold
Published: 06 January, 2009
Despite the stagnant investment marker, two deals totalling £139m have gone through in the past month.
The Salisbury Partnership, a joint venture between clients of PruPIM and Rockspring, sold the Old George Mall in Salisbury to Doughty Hanson & Co Real Estate for £60m. The 137,000-sq ft mall has 57 units occupied by Bhs, WH Smith, Mothercare and New Look among others, as well as a 565-space multi-storey car park.
CBRE advised the vendor and the same firm recently acquired the Eagles Meadow shopping centre in Wrexham on behalf of a fund of LaSalle Investment Management for close to £79m.
The 400,000-sq ft scheme which opened in October last year is anchored by Debenhams and Marks & Spencer, along with an eight-screen Odeon Cinema, 34 shop units and four restaurants. It includes a 1000 space car park.
Bruce Nutman, head of retail investment at CBRE said: “Despite challenging market conditions, these two deals demonstrate that there is still an appetite for the right retail product.”
