Property News - Lionbrook acquires its first centre

ING's Lionbrook property fund has made its first foray into the shopping centre market, buying the 250,000 sq ft (23,225 sq m) Clock Towers Shopping Centre in Rugby, Warwickshire from Boultbee Group.

The purchase price of£43.5 million reflects a net initial yield of 6.33 per cent.

The scheme provides more than 40 shops and cafes, with a 150-seat restaurant. It also has a 590-space car park

The centre is anchored by Littlewoods, JJB Sports, Wilkinson and Boots.

Units are let to Dunelm, Kwik Save, All:sports, Claire's Accessories, Game and Gamestation.

ING Lionbrook fund manager Simon Latham said: 'The purchase is the fund's first shopping centre and as such we have decided to retain both Boultbee Group to manage the scheme and Churston Heard to provide the necessary focus and expertise to drive the asset forward.'