Rockspring to sell U.K. shopping center portfolio
Rockspring Property Investment Managers, on behalf of its fund U.K. Value 1, has placed a portfolio comprising seven U.K. regional shopping centers on the market. The firm is seeking offers of more than £265 million ($433.5 million), reflecting a new initial yield of 7 percent.
Rockspring has appointed Eastdil and Coady Supple to market the 1.3 million-square-foot Tiger real estate portfolio, which includes prominent, geographically diverse town center retail assets across England and Scotland. Tiger generates a net annual income of more than £18.7 million ($30.6 million) from approximately 500 separate tenants, and the portfolio has a weighted average lease term of more than 9.6 years.
The portfolio includes the 248,000-square-foot Grays Shopping Center in Grays, England; the 187,000-square-foot Mercury Mall in Romford, England; The Eastgate, totaling 170,000 square feet in Gloucester, England; The Marlands, totaling