Jones Lang LaSalle - Retail Sale - Wigan, The Galleries Shopping Centre

Date: 21 Oct 2002

Acting on behalf of Prime Commercial Properties Ltd, Jones Lang LaSalle and Colliers CRE have purchased the freehold in The Galleries Shopping Centre in Wigan for £44.5 million from a joint venture entity involving leading asset management group Catalyst Capital LLP.

The 21,550 sq m (232,000 sq ft) shopping centre purchase reflects a net initial yield of 7.37% and an equivalent yield of 8%. Claude Gubbay, Director of Prime Commercial Properties Ltd comments: " This scheme is one of many targeted shopping centres to form part of our strategic acquisition plans building on our recent purchases in Ipswich and Newmarket. "

Nick Tribe, Director of Asset Management at Catalyst Capital, speaking on behalf of the joint venture, says: "We continue to be absolutely committed to the retail sector. This disposal represents a key stage in our retail asset management programme and just one element of our international property investment programme. "

Lunson Mitchenall and Chapman Petrie acted for Catalyst Capital.

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