LIM buys the Exchange in Rochdale
Published: 05 November, 2013
LaSalle Investment Management has bought the Exchange in Rochdale, Yorkshire, from Axa Real Estate Investment Management for £19m, at a net initial yield of 9 per cent
The 270,000-sq ft shopping centre was built in 1976, refurbished in 1997, and comprises 39 ground floor modern retail trading units with a three storey office building above. Anchor tenants include River Island, Boots, Iceland, Home Bargains, Beales, B&M Bargains and Poundland.
James Boyd Phillips, head of retail at LaSalle Investment Management said: “The acquisition of the Exchange shopping centre, Rochdale, is a great example of the investments we are seeking. Situated in the heart of Rochdale town centre, fronting onto the high street, the centre is the key retail offering in the town and a vital element in ensuring continued economic growth in the area.”
LaSalle Investment Management was advised by both Green and Partners and Lewis & Partners while Axa Real Estate Investment Management was advised by CBRE.