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LONDON-Universities Superannuation Scheme (USS) has secured outline consent to expand the Gyle shopping centre by 30,000 sq ft.

The extension will bring the centre’s total size to 360,000 sq ft and include a 20,000 sq ft store on two floors for fashion retailer Next.

USS’s Graham Burnett said: “We are delighted that the planning application has been successful and we have the green light for our plans to further improve and enhance Gyle’s exciting offer.”

The pension fund bought the Gyle two years ago for £186.75 million ($292.4 million) at an initial yield of 5.18%. The equivalent yield, taking into account rent reviews, was 6.37% based upon an estimated £175 per sq ft ($274.3 million) zone A. Other tenants at the Gyle include Marks & Spencer, Gap, Virgin and River Island.

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