Europa Fund V, managed by Europa Capital, and Sovereign Centros have bought One Stop shopping centre and retail park, Perry Barr from Standard Life Investments UK Shopping Centre Trust. The acquisition price of £70m reflects an initial yield of 7 per cent.
The 380,000-sq ft complex, just over three miles from the centre of Birmingham, sits on a site of 28 acres and consists of a shopping centre anchored by Asda and a retail park. Key retailers include Marks & Spencer, Nike, Argos, Wilko, Boots, New Look, Sports Direct, Arcadia, Home Bargains and Poundland. Rents in the shopping centre range from £30 to £60 per sq ft zone A and from £15 to £22 per sq ft on the retail park.
This is the second time Europa and Sovereign Centros have joined forces following their purchase of the 735,000-sq ft Corby Town Centre from Helical Bar in March 2015
Chris Geaves of Sovereign Centros said “The asset sits in an interesting area within Birmingham which is planned for significant change. We look forward to taking our plans for the asset forward.”
Europa Capital and Sovereign Centros were represented by Savills and Standard Life Investments by Strutt & Parker. Lambert Smith Hampton in Belfast has been appointed as managing agent.