Wereldehave dives back into UK with Poole purchase
Published: 14 December, 2010
Dutch property giant Wereldehave has rturned to the UK market with the £85m purchase of the Dolphin Shopping Centre in Poole. The purchase price reflects a net initial yield of 6 per cent.
Constructed in 1969 and refurbished in the 1980's and again in 2004, the 530,000-sq ft shopping centre dominates retail in the town providing just over 100 shops and restaurants over two levels: these include such major international brands as Marks & Spencer, Primark, BHS, New Look, River Island, Boots, Next and the Arcadia brands; including TopShop, Burton and Dorothy Perkins.
There is significant potential to further modernise the centre and undertake development expanding the offer and dominance of the scheme. This would incorporate adjoining local authority land.
Hans Pars, CEO of Wereldhave, said: "This investment fits well with our strategy of focusing our UK operations on mid-sized shopping centre acquisitions in strong locations, which are dominant in their catchments. We are happy that we are acquiring an asset off low base rents so that, with good asset and development management, this can become a more regional centre and thus benefit from greater trade and rental growth. We see an attractive opportunity for further development to add to the existing retail offer to create a sustainable and successful shopping facility."
