F&C REIT and Area Property Partners have completed the acquisition of The Lanes Shopping Centre in the UK city of Carlisle in a club deal. The investment volume totalling 拢65 mln (EUR 80 mln) reflects a net initial yield of 7.7%.
F&C REIT and Area Property Partners have completed the acquisition of The Lanes Shopping Centre in the UK city of Carlisle in a club deal. The investment volume totalling 拢65 mln (EUR 80 mln) reflects a net initial yield of 7.7%.
The 38,600 m2 shopping centre was acquired from Aviva Investors on behalf of clients of F&C REIT and Area Property Partners.
Built in 1984 and extended in 2000, The Lanes is Carlisle's only covered shopping complex, housing 80 retail units. The centre boasts a 600-space car park and tenants include JD Sports, BHS, Debenhams, Jack & Jones, Miss Selfridge and New Look.
F&C REIT and Area were advised by CBRE and Olswang.
