Property investment firm Halladale Group was back on the acquisition trail yesterday, snapping up three shopping centres in deals worth a total of £40 million.
Last autumn, Halladale teamed up with the Anglo Irish UK Property Fund to acquire the leasehold interest of Queens Square Shopping Centre in West Bromwich from Richardson Developments for £18.5 million. It has now teamed up with Citigroup Property Investors to acquire the Thamesgate Shopping Centre in Gravesend, Kent, for £22 million, the
Waterbourne Walk Shopping Centre in Leighton Buzzard, Bedfordshire, for £11.4 million, and Wellington Way Shopping Centre in Waterlooville, Hampshire, for £10.6 million. The price reflects a net initial yield of 5.95 per cent.
The majority of the portfolio is held as freehold, with a small element of leasehold property at Leighton Buzzard.
Gravesend Shopping Centre incorporates 10,000 sq ft of offices at Wellington Way.
Halladale's shares closed down 1p yesterday at 1131/2p.