Oaktree to sell £120m shopping centre portfolio

Oaktree Capital Management is preparing to sell three shopping centres that it owns in a joint venture with London & Associated Properties for around £120m.

A sale of the three centres – The Rushes in Loughborough, Vancouver Centre in Kings Lynn and Kingsgate in Dunfermline – at their guide price would represent a yield of 8%.

Oaktree took control of the three shopping centres in 2013, following its acquisition of the Project Harrogate defaulted UK loan portfolio with Lloyds Banking Group, while LAP manages the properties through its management arm LAMS.

The anchor tenants at the 372,000 sq ft Kingsgate centre in Dunfermline are M&S and Debenhams. Other tenants include H&M, River Island and the Entertainer.

The Vancouver Quarter in King’s Lynn is a 385,000 sq ft open air scheme anchored by Sainsbury’s, Wilko and TK Maxx. Last year, LAP submitted plans for a 35,000 sq ft extension to the property.

Loughborough’s The Rushes is a fully-let retail complex of around 100,000 sq ft anchored by Tesco, TK Maxx and Next.

Savills and GCW are acting for the vendors.

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