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.

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