This article is from the Australian Property Journal archive
THE Lend Lease Overgate Partnership has sold the Overgate shopping centre in Dundee Scotland to Land Securities for £140.5 million, representing an initial yield of 6.75%.
Lend Lease 30.7% investment in the partnership, which owns the Overgate shopping centre, a 420,000 sq ft retail property with 60 retail stores, cafes and restaurants as well as two multi storey car parks and a surface car park.
Lend Lease CEO Steve McCann said investors in the partnership decided to sell the centre to capitalise on market conditions and demand.
“Lend Lease will realise proceeds of £42.9 million (circa $A68 million) from its share of the sale of Overgate shopping centre.
“The transaction contributes to Lend Lease’s capital recycling for the year,” he concluded.
Australian Property Journal
