LaSalle acquires The Treaty Centre, Hounslow, for £69.1m
LaSalle Investment Management as bought the Treaty centre Hounslow for £69.1m reflecting, a net initial yield of 6.4 per cent. The long leasehold interest was acquired via a corporate acquisition from Angelo Gordon/Quidnet Capital for £57mand at the same time the freehold was bought from a private family for £12.125m.
The Treaty centre is a fully enclosed shopping centre containing 51 units, a library, theatre, department store and 645-space multi storey car park. It is arranged over three floors on a prominent seven-acre site, fronting onto the high street, and dominating the retail offer in the town.
Fund manager Chris Fry said: “The Treaty centre is a good operational asset, let off rebased rents, in an area of Greater London set to benefit from a considerable population growth. Our business plan is to achieve planning consent for residential development on part of the scheme to provide a significant return on investment.”
LaSalle was advised by Jackson Criss, JLL and Trilogy Real Estate. Angelo Gordon/Quidnet were advised by CBRE, and the freeholder by Allsop.