LONDON-Haslemere’s selling spree continues, with the sale of two UK shopping malls for a combined total of £110 million ($170 million). Since Israeli-backed Brack Capital bid for the Dutch-registered investor earlier this year there has been a wholesale clean-out of the portfolio.

The latest sales are in Bangor, Northern Ireland and in Chelmsford, Essex, where prime retail assets have been put on the block to capitalise on strong investor demand for retail property. In Bangor, a private investor has agreed to pay £61 million ($95 million) for the Bloomfield shopping centre and retail park. The deal represents a net initial yield of 5.58%.

The Bloomfield complex comprises 212,000 sf of retail space on a single level mall anchored by Tesco and Marks & Spencer together with 43 smaller units. The adjacent retail park provides 78,000 sf of retail warehousing plus free-standing units for McDonalds, Quincys Family Restaurant, Xtra-Vision as well as a Tesco Petrol Filling Station. There is car parking for approximately 2,100 vehicles. Cushman & Wakefield Healey & Baker and Lisney acted for Haslemere. The purchaser was represented by McKibbin Commercial.

And in Chelmsford, Essex, Haslemere has sold the Meadows shopping centre to Liverpool Victoria Friendly Society for £49.1 million ($76 million). The deal represents a net initial yield of 6.75% and a nominal equivalent yield of 7%.

The Meadows is a covered retail and leisure scheme of 157,000 sf anchored by BhS and Wilkinsons with 33 additional units, together with an eight screen Odeon cinema and bar/restaurant. Cushman & Wakefield Healey & Baker acted for Haslemere and CB Hillier Parker advised Liverpool Victoria Friendly Society.

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