SOUTHEND RISING
Follow us on social media
  • Home
  • Latest News
    • Your News
  • About Southend
    • Getting to Southend
    • Eating and sleeping
    • Useful links
  • Gallery
  • Publicity services
    • Advertise
    • Business Booster
  • Directory
    • Accounting and financial services
    • Automotive, travel and transport services
    • Business services
    • Design and print
    • Housing services
    • Entertainment and tourism
    • Health, hair and beauty
    • Hotels and accommodation
    • Insurance and legal services
    • Media, marketing and publishing
    • Mother and baby
    • Photography
    • Recruitment services
    • Restaurants, bars and clubs
    • Retail shopping
    • Trades
  • About us
    • Contact Us
    • Terms & Conditions

Royals shopping centre sold for £33.4 million

15/1/2014

0 Comments

 
From Property Week

Valad Europe has bought the Royals Shopping Centre in Southend from Orchard Street Investment Management for around £33.4m.

The price for the 285,000 sq ft centre reflects a net initial yield of 8.45%. It has four anchor stores, 23 shops and a 450-space car park.  It has a gross annual rental income of £3m and is anchored by Debenhams for a further 72 years and also includes tenants such as Boots, Primark and TK Maxx.  There is an average unexpired lease term to break of around 26 years.

The purchase is being made by Valad’s new £375m European Diversified Fund which launched in October with £150m of equity and is targeting core plus and value add assets across the office, retail and industrial sectors of between £5m and £20m in the UK and Germany.

The Royals was originally put up for sale as part of a £120m portfolio in May last year through Morgan Williams and Griffiths Eccles, which also included Market Walk Shopping Centre in Chorley, St David’s Retail Park in Bangor, Mallard Road Retail Park in Bournemouth and The Meadows Retail Park in Chelmsford.

However, the portfolio – which is held in the Orchard Street UK Special Situations Fund I - did not sell in its entirety and the Royals was put up for sale in October through Knight Frank. The five centres were then refinanced with a £69m loan from Royal Bank of Scotland in November, with an existing facility with the bank due to have expired at the end of the year.

David Kirkby, Valad Europe’s chief investment officer, said:

 “We launched VEDF to take advantage of an anticipated narrowing of prime-secondary spreads both in the UK and Germany over the course of the Fund’s life. This acquisition follows the recent purchases in the UK of three office assets at Wexham Springs and a Wickes retail warehouse in Aintree.

“In addition, we have a strong pipeline of deals with over £50m in solicitors’ hands in the UK and Germany and we are actively seeking additional suitable acquisitions in these markets. The fund’s initial acquisitions in the UK are typical of the type of office and retail assets we are targeting, while in Germany we are looking for offices in the top and second tier cities, selected retail assets and nationwide distribution warehouses.”

0 Comments



Leave a Reply.

    Picture

    Send us your news

    Please send your press releases, photos and videos to news@southendrising.com

    RSS Feed




    Archives

    May 2022
    June 2020
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013

    Categories

    All
    Business
    Education And Training
    Education And Training
    Employment
    Housing
    Infrastructure
    Investment
    Leisure
    Regeneration
    Retail
    Sustainability
    Tourism
    Travel

    RSS Feed


    Southend Rising

    Promote Your Page Too
    Click to set custom HTML

Latest News

Your news



About Southend

Getting to Southend
Eating and Sleeping

Gallery
​
Useful links

Directory




PR services

Advertise​ 
​Business Booster

Jobs

Current vacancies
Advertise your vacancies

About Us

Contact Us
Terms and Conditions

© 2022 Southend Rising                                                                                                                                                                                                        Site by Amygdala Press