Threadneedle Investments has bought Eden Square Shopping Centre in Urmston from Ask Developments for £13.3m representing a net initial yield of 7.2%.
The property was completed by Ask in 2012 and comprises 68,200 sq ft of retail in 20 units, together with a 600-space customer car park. The property is let to Iceland, Poundland, Boots, Aldi and Costa Coffee, and provides an average unexpired lease term of 13.4 years, with 40% of the total rent subject to RPI-linked or fixed uplifts.
Edward Blood, director of Capital Markets at JLL, said: "Eden Square is a successful shopping centre in a popular suburb of Manchester. The location and strong tenant mix make it a desirable asset and we are delighted to have secured the acquisition on behalf of Threadneedle."
JLL represented Threadneedle while Ask was represented by Tushingham Moore.