30 Nov 2011 07:00
30 November 2011
Development Securities PLC acquires £11m retail and mixed use portfolio in Manchester
Leading property investor and developer, Development Securities PLC, today announces that it has acquired a portfolio of assets in Manchester from regional developer Citybranch Limited for £11.1 million.
The portfolio includes the Chorlton Cross Shopping Centre in the affluent suburb of Chorlton-cum-Hardy as well as a smaller mixed-use asset on the Liverpool Road. Chorlton Cross Shopping Centre is situated on a c.2.5 acre site comprising a mixture of small retail units, office space and car parking. The asset offers a net initial yield of 8.44% with significant potential for repositioning or redevelopment within a market where there is strong retailer demand.
The acquisition was financed with £4.5 million equity and the debt facility was provided by The Cooperative Bank.
For further information, please contact:
Matthew Weiner/Lucy Grimble, Development Securities PLC 020 7828 4777
Mallika Basu/Becky Roberts, The Communication Group plc 020 7630 1411