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30.04.2015

L&G snaps up Cambridge Mall

Legal and General, in partnership with Wrenbridge, is under offer to buy the Grafton Centre in Cambridge for around £100m – a 5.5% yield – and more than £7.5m above the original asking price.

The UK fund manager outbid Rockspring and Orchard Street, who were both  interested in M&G’s 500,000 sq ft scheme.

It is one of the largest shopping malls to hit the market this year, and is anchored by Debenhams and an eight-screen Vue Cinema, which Orchard Street bought in a separate £9.6m transaction earlier this year.

The sale comes after years of stalled development plans, the first of which emerged when Prupim bought the centre in 1997. The latest plans for a £15m refurbishment were in 2009, yet final plans were never made.

Strutt & Parker advised L&G and Wrenbridge.

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