Lathe Investments has acquired its first two centres - Central Square Shopping Centre at Erdington, Birmingham and The Bramley Centre in Leeds - for£22.2 million, as the bedrock of the new Redleaf IV Limited Partnership.
Central Square Shopping Centre, bought for£9 million from Quintain, provides 25 retail units and three office suites totalling 67,500 sq ft (6,270 sq m). The centre is anchored by Kwik Save and Iceland stores.
The price reflects a net initial yield of 7 per cent and an equivalent yield of 8.4 per cent.
The 121,000 sq ft (11,240 sq m) Bramley Centre was bought from Catalyst Capital for£13.2 million. The purchase reflects a net initial yield of just more than 7 per cent and a reversionary yield of 8.2 per cent.
BCM represented Lathe. Drivers Jonas acted for Quintain. Lunson Mitchenall and Franc Warwick advised Catalyst Capital.
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