German fund buys in Enfield
Published: 29 November, 2016
Standard Life sells Palace Exchange to Deutsche Asset Management
Deutsche bought the 160,000-sq ft centre on behalf of its German fund, grundbesitz europa, for a reported £70m, reflecting a yield of around 5.4 per cent.
Built in 2006, Palace Exchange is fully occupied with Next and TK Maxx as anchor tenants alongside River Island, H&M, New Look, Top Shop, Superdrug, Caffe Nero, Lidl and Argos.
James Petit, head of real estate, UK and Ireland for Deutsche Asset Management said: “We are pleased to have secured a strong Greater London shopping centre. The investment has good property fundamentals and a high quality tenant mix.”
Jackson Criss acted on behalf of Deutsche AM and Montagu Evans advised the seller.