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New leaseholder for Guineas

Published:  15 July, 2014

Phoenix Life Fund and Ignis Asset Management have bought The Guineas in Newmarket from Helical for £18.4m, reflecting a net yield of 8 per cent

Phoenix Life Fund and Ignis Asset Management, advised by Kitchen La Frenais Morgan, have completed the purchase of the long leasehold interest of The Guineas Shopping Centre in Newmarket, Suffolk, from Helical for £18.4m, reflecting a net yield of 8%.The 110,000 sq ft shopping centre has 46 units including Marks & Spencer, Superdrug, Argos, JD Sports and Costa Coffee. In addition it has a library, a medical centre, 10 residential apartments and eight office suites and attracts 4.39 million visitors per annum

Paul Wylie from Ignis said: “We are delighted to have bought into a location where so much inward commercial, residential and infrastructure investment is being made, both within the town and its catchment.”

Helical's managing agent Ashdown Phillips has been retained by the new owners to manage the asset.