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Aviva acquires Preston retail property
Aviva Investors Property Trust has acquired retail business property in Preston in a deal worth just under £90 million.
It has acquired St George's Shopping Centre in Fishergate from The Mall fund, which was overseen by the Aviva Investors fund.
The initial yield on the site is around 7.75% and Richard Daffern of Pinsent Masons - the law firm that advised Aviva - descried the deal as "a great acquisition".
"This is the prime scheme in Preston, a UK top 40 city, he was quoted by Property Week as saying, adding that the purchase was completed "in less than a month".
Tenants in the commercial property include H&M, Marks & Spencer, New Look and Dorothy Perkins and Guy Harrison, director for Lunson Mitchenall - which also assisted Aviva - added that the complex "will benefit from asset management initiatives that can enhance performance".
According to The Mall, the Preston shopping centre measures 270,000 sq ft and has an average weekly footfall of 172,000 people.
It has acquired St George's Shopping Centre in Fishergate from The Mall fund, which was overseen by the Aviva Investors fund.
The initial yield on the site is around 7.75% and Richard Daffern of Pinsent Masons - the law firm that advised Aviva - descried the deal as "a great acquisition".
"This is the prime scheme in Preston, a UK top 40 city, he was quoted by Property Week as saying, adding that the purchase was completed "in less than a month".
Tenants in the commercial property include H&M, Marks & Spencer, New Look and Dorothy Perkins and Guy Harrison, director for Lunson Mitchenall - which also assisted Aviva - added that the complex "will benefit from asset management initiatives that can enhance performance".
According to The Mall, the Preston shopping centre measures 270,000 sq ft and has an average weekly footfall of 172,000 people.
Mon, 8th Mar 2010