U.K.-focused REIT buys mall in Edinburgh
Capital & Regional, a U.K. focused REIT with a portfolio of community shopping centers, has completed the acquisition of The Gyle Shopping Center in Edinburgh, Scotland. A purchase price was not disclosed.
Lawrence Hutchings, CEO, said, “The acquisition of The Gyle Shopping Center, supported by the successful equity raise reflects the confidence that investors have in our needs-based nondiscretionary community center strategy, our management platform and portfolio. These grocery-anchored centers are part of essential community infrastructure and continue to demonstrate the resilience and importance of physical stores to retailers.
“This established dual supermarket-anchored community center offers a number of asset management opportunities to create value, leveraging our expertise to improve occupancy and income. The acquisition will be accretive to income from day one, enhancing earnings in the first full year of ownership and thereby generating attractive ris