In Perth, Scotland, BAe Systems Pension Fund has paid £27 million for the St John's shopping centre. Grosvenor developed the centre in 1987 and refurbished it in 1997. It contains 38 retail units let to tenants such as BhS, Burtons, Dixons, Lloyds TSB, River Island, Signet, Top Shop and Waterstones. Once current rent reviews are settled the investment will show a 7.5% yield.

Kitchen la Frenais Morgan acted for the purchaser; DTZ and Jones Lang LaSalle acted for the Arkle Fund.

And in Bolton, Greater Manchester, Warner Estate Holdings and Bank of Scotland have bought the Market Place shopping centre for £64.52 million ($102 million). The 253,000-sf mall produces net rental income of £4.6 million ($7.3 million) per annum representing an initial yield of 7.0%. This is expected to rise to 7.2% on completion of the December 2002 rent reviews.

The Arkle Fund was set up in 1998. It is a ten-year limited partnership created to invest in high quality, dominant shopping centres around the UK. The investors in the fund are Grosvenor, Equitable Life and PGGM. The fund still owns the Prince Bishops Centre, Durham; Cooper's Square, Burton-Upon-Trent and Freshney Place, Grimsby, and it plans to reinvest the proceeds of the sale in large, dominant town centre schemes.