Aviva - Preston, St Georges Shopping Centre, Fishergate, Preston

Date: 09 Mar 2010

Aviva buys £90 million shopping centre in Preston for yield of around 7.75%.

Aviva Investors Property Trust (APIT) has acquired the St Georges Shopping Centre, Fishergate, Preston, from the Mall Fund for just under £90m reflecting a yield of around 7.75%.

St Georges Shopping Centre has a mix of around 100 independent and high street retailers including Marks & Spencer, Burtons / Dorothy Perkins, New Look, Peacocks and H&M.

International law firm Pinsent Masons and property consultants Lunson Mitchenall advised APIT.

Pinsent Masons partner Richard Daffern who led the legal team said: "This is a great acquisition for the fund as this is the prime scheme in Preston, a UK top 40 City. The transaction was completed in less than a month."

Investment agent Guy Harrison of Lunson Mitchenall said: "The scheme is well let and provides strong income flow. It will also benefit from asset management initiatives that can enhance performance for the purchaser."

CBRE advised The Mall.

St Georges Shopping Centre, Fishergate, Preston

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