Phoenix Life Fund and Ignis Asset Management, advised by Kitchen La Frenais Morgan, have completed the purchase of the long leasehold interest of The Guineas Shopping Centre in Newmarket, Suffolk, from Helical for £18.4m, reflecting a net yield of 8%. The 110,000 sq ft shopping centre has 46 units including Marks & Spencer, Superdrug, Argos, JD Sports and Costa Coffee. In additional it has a library, a medical centre, 10 residential apartments and 8 office suites and attracts 4.39 million visitors per annum.
Paul Wylie from Ignis said: "We are delighted to have bought into a location where so much inward commercial, residential and infrastructure investment is being made, both within the town and its catchment."
Cllr James Waters, Leader of Forest Heath District Council, which owns the freehold of The Guineas Shopping Centre, said: "We look forward to working with the fund and exploring how we can jointly deliver a wider choice of restaurants, shops and other leisure facilities, such as a new cinema.
"Newmarket is fortunate to have a unique heritage and this kind of investment can help to unlock its potential, enhancing the quality of life for those who live and work here."
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