British Land buys Plymouth shopping centre

6th Jan 2011 07:24

Property giant British Land has acquired a shopping centre located in the centre of Plymouth.The company is payng £240m for Drake Centre, a 425,000 square foot shopping centre which has an annual footfall of just under 19m people.The purchase price represents a net initial yield of 6.0% with significant potential for income growth through asset management initiatives, British Land said."Drake Circus further adds to our strong portfolio of high quality income generating retail assets in the best locations around the UK. We see significant potential to add value at Drake Circus over the coming years by leveraging our extensive asset management skills and retailer relationships," said British land chief executive Chris Grigg.