Capital & Regional exchanges on The Exchange
Capital & Regional has exchanged contracts to buy The Exchange Centre, Ilford, from Meyer Bergman for £78m – a 6.7% yield.
The purchase will be funded from the company’s existing cash resources − including the proceeds from the recent successful disposals of The Mall, Camberley, Surrey, and the group’s jont venture at the Buttermarket Centre, Ipswich − as well as through a new seven-year debt facility of £39m, secured on the asset, with DekaBank Deutsche Girozentrale.
The Exchange Centre is located opposite Ilford train station, which will be rebuilt ahead of the opening of Crossrail, currently planned for 2019. It has three trading levels with 77 units providing 300,000 sq ft of lettable space and a multi-storey car park with over 1,000 spaces.
Capital & Regional has exchanged contracts to buy The Exchange Centre, Ilford, from Meyer Bergman for £78m – a 6.7% yield.
The purchase will be funded from the company’s existing cash resources − including the proceeds from the recent successful disposals of The Mall, Camberley, Surrey, and the group’s jont venture at the Buttermarket Centre, Ipswich − as well as through a new seven-year debt facility of £39m, secured on the asset, with DekaBank Deutsche Girozentrale.
The Exchange Centre is located opposite Ilford train station, which will be rebuilt ahead of the opening of Crossrail, currently planned for 2019. It has three trading levels with 77 units providing 300,000 sq ft of lettable space and a multi-storey car park with over 1,000 spaces.
The scheme is anchored by Debenhams and Marks & Spencer with other retailers including H&M, Next, River Island, Sports Direct, TK Maxx and Wilko.
Hugh Scott-Barrett, chief executive of Capital & Regional, said: “The acquisition of the Exchange Centre, Ilford, provides us with an opportunity to redeploy quickly the capital released from our two recent successful disposals into an investment which offers strong income and capital growth prospects.”
CBRE advised Meyer Bergman on the sale.
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