Scottish Widows complete £26m Broad Street Acquistion
London, 25 October 2011 – CBRE has completed the £26 million acquisition of a prime retail parade at Reading’s Broad Street on behalf of Scottish Widows Investment Partnership (SWIP). The price represents a net yield of 5.52%
The shopping destination, which is anchored at its east and west ends respectively by The Oracle and Broad Street Mall enclosed shopping centres, is home to leading brands John Lewis, Bhs, Boots, H&M, Superdrug, Marks & Spencer, Next, Sainsbury's, and Schuh.
Peter Arduino, Head of High Street Capital Markets, CBRE, commented:
“CBRE is delighted to acquire this prime high street parade in a top retail centre for Scottish Widows. The scheme offers clear asset management opportunities in the medium term.”
Ewan Cameron, Investment Manager – SWIP, commented:
“This acquisition represents one of the largest transactions in the High Street market in 2011 and demonstrates CBRE’s desire and ability to acquire prime, well-let assets in top retail centres in the UK.”
Griffiths Eccles acted on behalf of Ropemaker Properties.