LaSalle Investment Management (“LaSalle”) today announces that it has completed a long leasehold acquisition of the Artizan Shopping Centre, Dumbarton for £4.85million.

The acquisition represents LaSalle’s seventh UK shopping centre deal since 2009 and reinforces LaSalle’s reputation as a frontrunner in this sector. The centre was purchased from Ireland’s National Asset Management Agency (“NAMA”) and reflects a Net Initial Yield of 13.6 per cent and a Triple Net Yield of 11.2 per cent. 

The acquisition of the 120,000 square foot Artizan Shopping Centre was made on behalf of a pension fund client for £4.85million. The scheme is 33 per cent vacant by estimated rental value (“ERV”) and 54 per cent vacant by net leasable area. LaSalle is anticipating investing substantial capital to reinvigorate the centre in order to meet retailer requirements and the high standards expected by consumers within the town.

Andrew Bull, Director at LaSalle Investment Management said: “We are delighted to have completed another acquisition of a UK shopping centre. This purchase demonstrates that value within the secondary market is beginning to come through and we have put together a solid business model to take the asset forward.”

The Artizan Centre is the dominant retail area within the town centre but has suffered in the past few years on the back of economic downturn and a lack of investment to attract and maintain key retailers. The centre is comprised of retail accommodation providing 29 shop units and provision on the first floor for office accommodation.

Located in Dumbarton and lying 15 miles to the north west of Glasgow at the confluence of the River Leven and the Clyde Estuary, the town boasts the renowned Dumbarton Rock and Castle, attracting both shoppers and tourists alike. The nearby A82 provides quick and easy access to the M8 motorway and Glasgow International Airport via the Erskine Bridge.

LaSalle was advised by Knight Frank and BNP Paribas Real Estate UK.