M&G Real Estate has acquired Ayr Central shopping centre in Scotland for an investment volume of around 拢35 mln (鈧�49.5 mln), PropertyEU has learned.
M&G Real Estate has acquired Ayr Central shopping centre in Scotland for an investment volume of around 拢35 mln (鈧�49.5 mln), PropertyEU has learned.
The vendor was Ayr Shopping Centre Ltd, a joint venture between Sovereign Land and funds managed by Ares Management. The sellers had undertaken a number of improvements since acquiring the asset four years ago.
The transaction was made on behalf of the M&G Property Portfolio at a yield close to 6%.
The 16,500 m2 shopping centre in Ayr town centre opened in 2006 and has Debenhams and Primark as anchor tenants, along with 450 parking spaces.
Portfolio manager Fiona Rowley said: 鈥楢yr Central has undergone a number of enhancements over the past four years by the sellers and presents really well. It has now become the prime focus for retailing in Ayr town centre.鈥�
M&G Real Estate was represented by Lunson Mitchenall and Smith Cole Wright. Savills acted for the vendor.
