LaSalle completes acquisition in Dumbarton
Published: 26 July, 2011
LaSalle Investment Management has completed a long leasehold acquisition of the Artizan shopping centre in Dumbarton, near Glasgow, for £4.85m.
The acquisition represents LaSalle’s seventh UK shopping centre deal since 2009. The centre was purchased from Ireland’s National Asset Management Agency on behalf of a pension fund client and reflects a net initial yield of 13.6 per cent and a triple net yield of 11.2 per cent.
The 120,000 scheme is 54 per cent vacant by net leasable area. LaSalle is anticipating investing substantial capital to reinvigorate the centre in order to meet retailer requirements and the high standards expected by consumers within the town.
Andrew Bull, director at LaSalle Investment Management said: “We are delighted to have completed another acquisition of a UK shopping centre. This purchase demonstrates that value within the secondary market is beginning to come through and we have put together a solid business model to take the asset forward.”
The Artizan centre is the dominant retail destination within the town centre but has suffered in the past few years on the back of the economic downturn and a lack of investment to attract and maintain key retailers. The centre is comprised of 29 shop units and provision on the first floor for office accommodation.
LaSalle was advised by Knight Frank and BNP Paribas Real Estate UK.
