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LONDON-The Bramley Centre in Leeds provides all of Bramley’s retail offer, with more than 102,000 sf of retail and 18,750 sf of office accommodation. That’s the reason that Lathe Investments has bought it–its first shopping centre for the recently launched Redleaf IV Limited Partnership.

Lathe paid Catalyst Capital £13.2 million ($22 million)for the shopping centre, which is anchored by a Morrison’s supermarket and has a 300 space surface car park and additional development land.

The purchase reflects a net initial yield of just over 7% and a reversionary yield of approximately 8.5%.

The Redleaf IV Limited Partnership was launched late last year by Lathe Investments, headed by Ian Knight, Dick Perrin and Ashley Blake, to invest in convenience shopping centres.

Ashley Blake, director of Lathe Investments, says: ‘This first acquisition for the Redleaf IV fund suits our investment criteria perfectly with its food anchor, dedicated car parking and asset management opportunities. It provides an excellent start for the partnership.’

BCM represented Lathe. Lunson Mitchenall and Franc Warwick acted for Catalyst Capital.

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