BL sells Londonderry district centre
Published: 18 December, 2016
Cordatus buys Lisnagelvin shopping centre for £14.7m
Cordatus Property Trust, a JV between Cordatus Real Estate and CBRE Global Investment Partner, has bought Lisnagelvin shopping centre, a 110,000-sq ft district centre in Derry, from British Land for £14.73m, reflecting a 7.9 per cent net initial yield.
The centre is anchored by Tesco, Primark and Poundland and is the city’s main centre for convenience shopping with a large catchment that also extends across the border into the Republic of Ireland.
Cordatus director Gavin Munn said: “We like to invest in convenience shopping centres as they tend to be resilient to economic fluctuations whilst providing attractive income returns. Lisnagelvin is a well-located, dominant centre with a large catchment and offers a strong income return, long WAULT and the prospect of rental growth.”
DTZ McCombe Pierce acted for Cordatus and Savills acted for British Land.