29th Jan 2015 09:15
LONDON (Alliance News) - Development Securities PLC on Thursday said it has struck a deal to buy the non-food store element of a Newcastle retail shopping centre for GBP19.2 million.
Development Securities is buying the asset at The Killingworth Centre from Wm Morrison Supermarkets PLC. The purchase price reflects a net initial yield of 8.27%.
"This high-yielding asset has a stable occupier base and strong footfall which is driven by the Morrisons foodstore, one of the best performing stores within their portfolio and which will remain outside of our ownership," said Development Securities' Matthew Weiner.
Shares in Development Securities were down 0.8% to 240.00 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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