LIM buys Arena shopping park for £53m
Published: 22 December, 2010
LaSalle Investment Management has acquired the Arena Shopping Park in Haringey. The purchase price of £53m gives a 5.34 per cenyt net initial yield
The Arena Shopping Park comprises 115,915 sq ft of retail space, with unrestricted open A1 planning consent, including food, and is let to Homebase, Sports Direct, Royal Mail, Carphone Warehouse, Subway, Costa Coffee, Dreams, Fitness First, Argos, Peacocks, Superdrug and Next. Located on Green Lanes (A105), adjacent to Harringay Green Lanes Rail Station, the scheme is anchored by an adjacent Sainsbury's foodstore.
Richard Debney, fund manager at LaSalle Investment Management, said: "The acquisition of Arena Shopping Park reflects our belief that high quality retail space located in sought after locations will continue to outperform the wider market in spite of the obvious pressures of the economic downturn."
LaSalle was advised by CWM and Hogan Lovells.
