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Standard Life sells Hamilton

Published:  27 July, 2007

The Standard Life Investments UK Shopping Centre Trust has sold the Regent Centre in Hamilton, Lanarkshire to a private Northern Irish investor for £65.55m, reflecting a net initial yield of 5.11 per cent.

The 300,000-sq ft centre is anchored by Marks & Spencer, Boots, Bhs and Woolworths. It was subject to a £9m refurbishment in 1999.

Fund manager Ed Jenkins said: “We have been long-term investors in Hamilton and are proud of having developed a well-tenanted, modern, enclosed shopping centre from what was originally a dated and windswept open street. The centre was one of the smaller assets in the UK Shopping Centre Trust and did not ideally match the balance of the portfolio, focussed as it is on larger, more dominant and prime stock.”

Churston Heard acted for the Standard Life Investments UK Shopping Centre Trust. The purchaser was represented by BTW Shiells and Jones Lang LaSalle.