Clerical Medical and Hermes have bought Glasgow’s Princes Square shopping centre for over £35m.
The 7,630 sq m (82,000 sq ft) speciality fashion centre was introduced to the funds by Paul Oliver’s Equity Partnerships which will manage the asset.
Tenants include Monsoon, Katherine Hamnett, Morgan and Paul Costelloe and all leases are turnover-based. The scheme is believed to produce about £2.1m pa, giving an initial yield of about 6%. However, this is expected to rise over the next one to three years as a result of new lettings and increases in turnover.
Guardian Properties was advised by Jones Lang Wootton.
EGi News 11/03/97
