Member Article

Capital and Regional has sold an Ipswich shopping centre for £54m

Property investors Capital & Regional has announced the sale of Buttermarket Centre in Ipswich to the National Grid Pensions Fund for £54.7m.

The deal for the shopping centre, which the investors owned as part of a 50-50 joint venture with Drum Property Group, comes following significant investment and efforts to freshen the tenant mix at the Suffolk leisure destination.

After acquiring the Buttermarket for £9.6m in 2015, Capital and Regional invested a further £25m in transforming the scheme into a modern retail and leisure site.

The centre now boasts a rejuvenated dining quarter, which includes Coast to Coast, Wagamama and Byron units, along with upsized TK Maxx and New Look outlets and a 12-screen Odeon cinema.

Hugh Scott-Barrett, Chief Executive commented: “The completion of such a complex and transformational project in just a two year period is a great showcase for our particular expertise and asset management skills, and the IRR we have delivered is a strong testament to the success of the investment.

“Following on from the successful sale of The Mall, Camberley, this disposal provides us with significant capital to reinvest into higher yielding opportunities.”