LaSalle Investment Management has bought the 712,000 sq ft Golden Square Shopping Centre in Warrington at a net initial yield of 6.75% from Warrington Retail Limited Partnership, a 50:50 joint venture between Lend Lease and Legal & General.
Golden Square is a mainly covered centre containing 133 units, along with an external pedestrianised link, Old Market Place, with the town centre. Lend Lease completed a 365,000 sq ft extension costing £120m in summer 2007.
The centre is anchored by a 115,000 sq ft Debenhams, 59,000 sq ft Primark, 64,500 sq ft Bhs and a 25,000 sq ft Boots. Other tenants include Next, River Island, H&M, TK Maxx, Top Shop and New Look.
The centre is Warrington's principal retail offer and claims an average footfall of 12m a year. Golden Square also contains the town's main car park, of 1,700 spaces, and bus station.
Julian Agnew, European director at LaSalle Investment Management, said: "The acquisition of Golden Square, Warrington, highlights our client's strategy to invest in dominant, high quality assets with a strong occupational line up and good footfall."
Jackson Criss and Lunson Mitchenall advised LaSalle Investment Management; JLL advised Warrington Retail Limited Partnership.