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LONDON-London & Associated Properties has bought the Church Square Shopping Centre in St Helens, Lancashire for £50 million ($80 million) on behalf of Analytical Properties, its joint venture with Bank of Scotland.

Originally developed in 1972, and refurbished in 1991, the 350,000-sf Church Square forms the dominant part of St Helen’s prime retail core and currently generates net rents of £3.6 million ($5.8 million) per annum. The 82 tenants include Bhs; Boots; Next and River Island. The purchase price reflects a net initial yield of 7.0% with a number of rent reviews due this year.

As a result of this acquisition Analytical now has a £100 million ($160 million) portfolio of large shopping centres. LAP Chief Executive John Heller said: “The acquisition of Church Square is part of our stated strategy to grow Analytical considerably by purchasing substantial shopping centres in strong retailing towns with growth potential and we have already identified a number of asset management initiatives that will enhance the centre’s value.

Analytical was advised by Donaldsons while the vendor was represented by Franc Warwick.

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