PillarCaisse, the joint venture between Pillar Property and Canadian pension fund SITQ, has sold the 400,000 sq ft (37,160 sq m) Castle Quay shopping centre at Banbury in Oxfordshire to Scottish Widows. The sale netted£101.3 million, reflecting a 6.1 per cent initial yield.
Castle Quay was developed in two phases. Phase 1, comprising 150,000 sq ft (13,935 sq m), was built originally in the mid-1970s. It was refurbished in 1999, shortly before PillarCaisse developed Phase 2, a 250,000 sq ft (23,225 sq m) extension that was completed in 2000. The mall is anchored by Debenhams.
Castle Quay now comprises more than 78 retail units, a tourist information centre, a heritage museum and working boatyard. There are also two dedicated car parks, providing parking for 850 vehicles.
Pillar director Andrew Jones said: 'We have successfully developed Castle Quay into a unique regional retail and leisure destination and are extremely pleased with the high level of investor interest we received.'
PillarCaisse was represented by CB Richard Ellis and Scottish Widows by Lewis Ellis and Jackson Criss.
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