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LONDON-Pillar Property and Canadian fund SITQ have sold the 400,000-sf Castle Quay shopping centre to Scottish Widows for £101.3 million ($170 million), reflecting a 6.1% initial yield. The sale marks the end of PillarCaisse, their 50/50 joint venture.

Castle Quay was developed in two phases. Phase 1, comprising 150,000 sq ft, was originally built in the mid-1970s and was refurbished in 1999 shortly before PillarCaisse developed Phase 2, a 250,000 sq ft extension which was completed in 2000. The mall is anchored by Debenhams, and other tenants include Woolworths; Bhs; Gap; HMV; Next; Arcadia and Boots.

Castle Quay now comprises over 78 retail units, a tourist information centre, a heritage museum and working boatyard, together with two dedicated car parks either side of the Oxford Canal, providing car parking for 850 cars.

Pillar director Andrew Jones said: “We have successfully developed Castle Quay into a unique regional retail and leisure destination and are extremely pleased with the high level of investor interest we received.”PillarCaisse was represented by CB Richard Ellis and Scottish Widows by Lewis Ellis and Jackson Criss.

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