Lathe Investments has acquired its first shopping centre for the recently-launched Redleaf IV Limited Partnership. It bought the Bramley Centre in Leeds from Catalyst Capital for£13.2 million.
Headed by Ian Knight, Dick Perrin and Ashley Blake, the Redleaf IV Limited Partnership was launched late last year by Lathe Investments to concentrate on convenience shopping centres.
The shopping centre provides the majority of Bramley's retail offer.
It contains 102,000 sq ft (9,475 sq m) of retail space, 18,750 sq ft (1,740 sq m) of supermarket space and a 300-space surface car park. The purchase reflects a net initial yield of slightly more than 7 per cent and a reversionary yield of about 8.2 per cent.
Lathe Investments director Ashley Blake said: 'This first acquisition for the Redleaf IV fund suits our investment criteria perfectly, with its food anchor, dedicated car parking and asset management opportunities. It provides an excellent start for the partnership.'
BCM represented Lathe. Lunson Mitchenall and Franc Warwick acted for Catalyst Capital.
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