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LONDON- Property-investment company WG Mitchell has snapped up the feehold interest in the Sauchiehall Shopping Centre in Glasgow for euro 82 million ($98.4 million). German investment fund Internationales Immobilien-Institut GmbH (iii Fonds) sold the 200,000-sf center, which is on the south side of prime retail pitch Sauchiehall Street, at a net initial yield of 5.3% and an equivalent yield of just over 6%. Tenants include WH Smith, Primark and the Royal Bank of Scotland. It also houses a restaurant, public house and leisure club. iii Fonds bought the center in 2002 from Capital & Regional and Stannifer euro 60.2 million ($72.3 million).

“Having acquired this investment for iii Fonds just under two years ago, they are delighted with the result and I am sure it will continue to perform well for the purchaser,” says John Hamilton, partner at Cushman & Wakefield Healey & Baker and advisor to iii-Fonds. Lisney (Belfast) represented WG Mitchell.

The Sauchiehall deal is Scotland’s second biggest investment deal of the year. In February, Edinburgh’s Cameron Toll shopping center flipped to a private Irish investor for around euro 113.7 million ($136.6 million). And in the same month Glasgow council sold for euro 77 million ($92.9 million) what is set to become Glasgow Fort, Scotland’s second biggest retail park. The Auchinlea Partnership, a 50/50 joint venture between Pillar Property and Capital & Regional, will develop the 445,000-sf Glasgow Fort shopping park. Plans include 145,000 feet of leisure.

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